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CoinFLEX, a Seychelles-based firm launched earlier this year, is offering derivatives that payout based on the possibility Libra will launch by the end of 2020.
Dubbed as Libra Initial Futures Offering (IFO), a physically settled product, investors can bet if Libra will make it out before the settlement date of Dec. 30, 2020. The futures product will be available Oct. 24 and will pay out in Libra tokens.
“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,” Mark Lamb, CoinFLEX CEO told Bloomberg.
He added that the social media giant has faced “brutal” political backlash and it is anyone’s guess if it can get beyond the line.
The prices of the futures are at $0.30, equivalent to a 30% likelihood of Libra launching by 2020. If Libra successfully rolls out, future holders will earn a bonus. The price was set following talks with investors and traders and is intended to be a level that will lure different views to urge trading.
Investors who bet an 80% chance to Libra launching before the contract expires will pay the equivalent of 80% of a Libra. But if they are correct, they will get a Libra token, thus having acquired them at a discount. If they are wrong, they will not receive anything and cannot take their money back.
Indeed, many regulators see Facebook’s Libra as a threat to the monetary sovereignty of governments that both Germany and France mulled blocking the project. Other than political backlashes, Facebook is also starting to deal with major backers that are backing out from the Libra Association, which will oversee the cryptocurrency. PayPal is the first to withdraw its support, although the digital payments firm is still looking forward to a partnership in the future.
