Seychelles-based crypto exchange CoinFLEX has announced an official restructuring proposal and the company’s next steps.
After the decline in the crypto industry, companies are renewing their strategies. CoinFLEX announced in June that it was suspending withdrawals. Then, the company, which started its restructuring efforts, said what the new path it would follow would be.
CoinFLEX Explains Restructuring Steps
CoinFLEX stated in its statement that it will transfer 65 percent of its equity to the creditors, 15 percent to the team, and Series B investors will remain as shareholders.
The creditors specified in the preliminary contract published by the company will own 65 percent of the company. The CoinFLEX team will be allocated 15 percent of the remaining company shares to qualify for an employee stock option program (ESOP) over time. Series B investors will continue to be shareholders in the restructured company.
CoinFLEX said the proposal also includes an agreement with the BCH alliance, in which the alliance assumes responsibility for the SmartBCH Bridge. If approved, CoinFLEX said the acquisition would mean that BCH on the SmartBCH network will be available at a 1:1 ratio to BCH through the SmartBCH Alliance.