Copy link
Increase text size
Decrease text size
Link copied

CoinFLEX lets you bet on Facebook Libra's likelihood to launch by 2020

Image Credit: Reuters

Tue, 08 Oct 2019, 07:03 am UTC

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,644.17 (-2.93%)
  • Ethereum (ETH) $249.62 (-6.52%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $389.43 (-10.74%)
  • Bitcoin SV (BSV) $271.83 (-12.14%)
  • Bitcoin (BTC) $9,644.17 (-2.93%)
Feb 17, 2020 (Monday)
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
09:47
SBI Crypto enters into blockchain cooperation partnership with Northern Data
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft