CoinFLEX Launches 47 Million Token Recovery Plan to Resume Withdrawals

Last week, cryptocurrency derivatives exchange CoinFLEX joined a growing list of digital asset platforms to halt withdrawals due to market uncertainty and issues with its counterparty. The company has now unveiled a recovery plan that involves the creation of a new token. Announcing the solution on Monday, CoinFLEX said it plans to raise $47 million through the issuance of a new token dubbed Recovery Value USD (rvUSD). The exchange further noted that it has been in talks with “potentially large buyers” who have “significant interest” in the terms offered.