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CoinFLEX recovery plan includes tokenized bad debt and more yields

Published 06/28/2022, 01:26 AM
Updated 06/29/2022, 03:20 AM
CoinFLEX recovery plan includes tokenized bad debt and more yields

CoinFLEX recovery plan includes tokenized bad debt and more yields

Crypto investment platform CoinFLEX aims to rectify its liquidity shortage and restart user withdrawals by selling off bad debt through a new $47 million token offering.

The new token is known as Recovery Value USD (rvUSD) and will be worth $1.00 each. It is designed to help CoinFLEX recover $47 million in losses incurred by an account that was allowed to reach negative equity without being liquidated. It will be issued from Tuesday through July 1, and the firm stated that it hopes to resume withdrawals by June 30.

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