CoinFLEX, a US based cryptocurrency derivatives trading provider recently revealed the addition of a new member to its senior level executive team. As per update from the firm, it has hired Mr. Leslie Tam to serve as its Chief of Strategy Officer effective immediately. The move was first made public via a post made by Mr. Kenny Shih – head of business development-APAC at CoinFLEX in his LinkedIn account which also contained a link to official announcement made via theblockcrypto website. The incoming head of strategy is a veteran with nearly 16 years of experience having served in several industry leading multinational investment banking and cryptocurrency trading service provider and is an expert in credit analysis, structuring and institutional client relationship management. In his new role as chief of strategy, Tam is now responsible for wide range of firm’s activities and is expected to boost the firm’s efforts geared towards building up on its volume growth. He is also expected to use his knowledge and experience gained from his long career to help the company expand into new territories as well as test and introduce new products.
Prior to taking up his current role, he had been serving as part of rival multinational cryptocurrency trading service provider Binance for 13 months. During his term with the Malta registered industry leading cryptocurrency exchange, he was in-charge of overseeing the firm’s VIP clients and its OTC (over the counter) trading division. Some of his other most notable roles include – Director & Head of Institutional Client Group for Global Markets at Bank of America Merrill Lynch’s Hong Kong branch, Credit Analyst and Credit Structuring Associate at Fundamental Value Partners and Merrill Lynch. He also served as an Analyst at Deutsche Bank and Associate for structured product group at Goldman Sachs during early phase of his career. To those unfamiliar with the firm, CoinFLEX is well known in the global cryptocurrency market for offering physically-delivered crypto derivatives which offers futures contracts on Bitcoin, Bitcoin Cash and Ethereum with upto 20 times leverage.
The exchange even made the headlines for launching contracts backed by one of most controversial cryptocurrency today – Facebook’s Libra which allowed the traders to bet on its release. The firm is currently primarily targeting traders in Asian market as means for growth in business as well as to further its goals for expanding global footprint. The firm is backed by some of well-known promoters in the market such as Trading Technologies International & Dragonfly Capital Partners and also has the backing of renowned crypto trader Mike Komaransky. The statement also revealed that the firm now has plans to conduct weekly competitions in 2020 as a means to increase its revenue and trading volume following the success of its most recent competition from earlier this year which brought in volume worth US$ 20 Million in just a 2-hour period timeframe. However, the firm is beginning to face an increase in competition following launch of Bakkt platform in US which offers similar service while also providing a high level of regulatory compliance and from platforms like Bybit & OKEX which are also targeting clients from Asian markets.