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Investors will be able to bet on Libra coin launch date
NEWS
October 07  |  2 min read

CoinFLEX Issues Futures To Bet on Libra Launch Date

The COIN360 Editorial Team

Seychelles-based crypto-futures exchange CoinFLEX plans to offer derivatives that will allow traders to bet on whether Libra will launch by the end of 2020 or not, reports Bloomberg. CoinFLEX will hold an IFO, initial futures offering, on October 24th and this will be the third offering of futures for tokens that do not exist yet.

The exchange will offer physically-settled futures that will deliver Libra tokens if the Libra coin is live by the end of 2020, or the settlement date. The initial price of Libra futures will constitute 30 cents, which equates to a 30% chance that Libra will launch by December next year, and gains will be capped at $1.1 per Libra coin. If Libra postpones the launch, investors would lose this initial investment.

CoinFLEX’s CEO, Mark Lamb, added that the initial price of futures is the result of discussion with traders and investors. He specified that investors will also get a chance to trade the contract at prices that better reflect their assessment of the likelihood of the Libra’s launch date by the end of 2020, and skeptics could also bet on project delay.

As COIN360 reported earlier, previously Libra Association executive Bertrand Perez shared that a lot of “work” had to be done to meet regulatory requirements, but the team was committed to launching Libra on schedule, “between the end of the first half of the year and the end of 2020.”

Mark Zuckerberg later communicated that Libra will be a manifestation of the new, cautious Facebook approach, but did not specify any dates. In the meantime, Libra Association has already published a roadmap with 4 key milestones for the Libra Mainnet.