Tuesday, June 22, 2021

Crypto derivatives exchange CoinFlex to offer physically settled Libra futures

The Takeaway:

CoinFlex is set to launch physically-settled Libra futures contracts before the end of this month. These futures would allow investors to bet on the odds of if Libra would be operational by the end of December 2020.

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Crypto exchange CoinFlex, has announced to launch physically settled Libra futures contracts, which would allow investors to bet on the launch of Facebook’s crypto project. Investors will be paid in Libra token if the cryptocurrency is launched by the end of December 2020. And if Facebook’s cryptocurrency fails to get over the line, investors will lose all their funds. 

Facebook earlier announced to launch Libra next but would not go ahead without satisfying all the regulators. Recently troubles for Libra have been on the rise. Last month Finance minister of France said that they would not authorize the development of Libra on European soil. Last week, one of Libra’s partners, PayPalpulled out from the crypto project. Earlier, Bloomberg reported that other partners are also reconsidering their involvement in the project. 

Mark Lamb, the CEO of CoinFlex, said that Facebook has the ability to rival the entire global banking system from day one, but, because of the fact, when that “first day” will be is far from certain. The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line, he added. 

Chief operating officer of the Libra Association, Bertrand Perez said, that they can not say with certainty that the crypto project would not roll out next year. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jesse Kirby
Jesse Kirby
Since his childhood days, Jesse was fond of writing and learning new things. He developed a special interest in bitcoin back in 2011 and started to get deep into the crypto space. After completing his masters degree from Bnos Menachem School, New York, Jesse became a full time writer and crypto analyst.

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