CoinFLEX releasing ‘will Libra exist’ product

CoinFLEX derivative exchange recently started a countdown to Libra futures release. In 16 days, customers with a Tether balance will be able to purchase Libra futures for around $0.30 a share. Pre-purchasing is an option but only with 1000 FLEX coins. 

Contract specifications

Initial Futures Openings what CoinFLEX these type of products. Libra will be their third IFO release following products like Dfinity and Polka Dot futures. 

The contract settles on December 30th, 2020 or eight Fridays after the mainnet launch of Libra. If Libra is released before the settlement date, they will receive libra tokens the price they paid per token. Libra not releasing would result in everyone losing all of their money invested. 

Since Libra will be tied to the price of the U.S. Dollar, purchasers of the contract will only have paid 30% of what it will be worth if it releases before 2021. 

Coinflex cannot accept users in the U.S. or Canada and have KYC restrictions, so you can’t use a VPN to get around it. 

Why make an IFO? 

According to Ethereum World News, Bertrand Perez, COO of Libra gave a bit of insight to their plans of release last month. 

“We cannot say that we won’t launch in 2020, or that we are certain to launch on a particular date in 2020,”

The bottom line is that people like to bet on things and being the first website to offer Libra futures drives traffic. Selling a chance of a $1 product existing for $0.30 essentially means that buyers are taking 30% all or nothing risk. Odds are still in favor of CoinFLEX even when you don’t consider Libra backers leaving and regulatory scrutiny.