Traders To Earn On The Forecasts Of Facebook Cryptocurrency Launch Date
CoinFLEX cryptocurrency exchange intends to offer its users physical delivery futures contracts on stablecoin Libra Facebook, states Bloomberg.
The launch of the new proposal is scheduled for October 24. The exchange intends to provide its users with the opportunity to interact with a financial instrument through the organization of an IFO (initial futures offer).
It is organized in the format of bets. The exchange will offer users to guess whether the Facebook crypto project will be launched before December 30, 2020. If the stablecoin is not launched before the designated deadline, traders (who voted for the launch on time) who have concluded futures contracts will lose their money.
The initial price of the futures contract for the duration of the IFO will be set at 0,30, which corresponds to a 30% probability of launching Libra on time. The calculations are based on the calculation that a real Libra will cost $ 1. Half an hour after the initial offer of futures, traders who did not participate in the IFO will be invited to bid on futures contracts.
The purchase of the latter will be carried out at a price corresponding to an estimate of the probability of the launch of the stablecoin Facebook by December 30, 2020.
If the stablecoin is released before the specified period of time, traders will receive the asset at a reduced cost. However, if the Facebook crypto project is not launched before December 30, 2020, investors who voted for the launch on time will lose their invested funds. However, CoinFLEX also offers to bet against the launch of the project to the designated deadline.