According to the Block report, Leslie Tam has joined crypto derivatives exchange CoinFlex as new chief strategy officer. Previously, Leslie was in-charge of the over-the-counter (OTC) trading operations for Binance, which is one of the largest crypto exchanges in the world. He held an executive position as head of the VIP coverage and head of trading.
Tam will work to expand CoinFlex into new territories.
Leslie Tam will have a broad mandate and will lead the expansion of the firm into new territories as well as new products. Before Binance, Tam had led Bank of Merrill Lynch Hong Kong’s institutional client group. CoinFlex is the first physically-delivered cryptocurrency futures exchange and has an 8.6% market share for BTC futures, according to the Block.
The exchange launched physically settled Libra futures.
In October, CoinFlex launched physically delivered futures contracts that will be settled based on whether Facebook’s Libra launches by the end of 2020 or not. CoinFlex received $10 million for Bitcoin futures from Bitcoin.com CEO Roger Ver, Polychain Capital, NGC Ventures, and Divergence Digital Currency in a funding round. Libra is currently facing regulatory scrutiny from around the, but the company is still positive for the launch of cryptocurrency next year.