Crypto derivatives exchange CoinFLEX offering physically-settled Libra futures
Cryptocurrency derivatives exchange CoinFLEX is launching physically-settled futures contracts for Libra, the Facebook-led proposed stablecoin.
The exchange plans to hold an initial futures opening (IFO) for Libra futures on Oct. 24, Bloomberg reported Monday. The futures will allow traders to bet on whether Libra will be live by Dec. 30, 2020.
Based on their short or long positions, traders will either receive Libra tokens or nothing at all by the date. In other words, if Libra is not operational by December next year, traders will lose their entire initial investment.
The initial price of Libra futures will be set at 30 cents, CoinFLEX CEO Mark Lamb said in the report, adding that it equates to a roughly 30% chance that Libra will be operational by the date.
This is not CoinFLEX's first IFO for a yet-to-launch token. In July, the Seychelles-based exchange launched an IFO for blockchain interoperability project Polkadot’s DOT tokens. CoinFLEX also offers physically-settled futures for bitcoin (BTC), bitcoin cash (BCH) and ether (ETH).
