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Now Traders Can Make Bets on When Facebook's Libra Will Launch
Crypto futures exchange CoinFLEX is issuing derivatives linked to the launch of the Facebook-led Libra cryptocurrency project.
Updated Sep 13, 2021, 11:32 a.m. Published Oct 7, 2019, 11:30 a.m.
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Crypto futures exchange CoinFLEX is issuing derivatives linked to the launch of the Facebook-led Libra cryptocurrency project.
Dubbed an Initial Futures Offering (IFO), the exchange launched similar derivatives products for both the blockchain interoperability project Polkadot and cloud computing network Dfinity before their mainnets were live, Bloomberg reports on Monday.
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The Libra IFO, a physically settled product, allows investors to bet if Libra will launch before the settlement date of Dec. 30, 2020. The futures product will be available Oct. 24 and will pay out in Libra tokens.
Libra’s launch date – originally slated for early 2020 and now looking more like the end of the year, if not much later – has been pushed back following regulatory backlash and partner exits, such as PayPal's departure this past week. Some nation's lawmakers have even called for the project to be halted.
“Facebook has the ability to rival the entire global banking system from day one, but, because of that fact, when that first day will be is far from certain,” CoinFLEX CEO Mark Lamb told Bloomberg. “The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line.”
Prices for the futures are set at $0.30, which equates to a 30 percent likelihood of Libra launching by the settlement date, Lamb explained. If Libra launches, future holders get a nice bonus for their faith in the project.
Libra image via Shutterstock
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