- Facebook targets to launch Libra come mid-next year.
- CoinFlex Libra settled futures will bet on the successful launch of the project by December 2020.
Facebook Inc.’s announced cryptocurrency project Libra has been the most opposed product by regulators and lawmakers. It’s unveiling in June only opened a can of worms that Facebook fights to eradicate before launching Libra.
While the tussle with regulators continues a newly launched cryptocurrency futures exchange, CoinFlex is bringing to the market derivatives that bet on the odds of Libra being in operation by the end of 2020. Facebook hopes to launch the project by mid-2020 only if all regulatory concerns are addressed.
“Facebook has the ability to rival the entire global banking system from day one, but, because of that fact, when that first day will be is far from certain,” said Mark Lamb, CoinFLEX’s Hong Kong-based chief executive officer. “The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line.”
CoinFLEX’s futures will be settled in Libra tokens in the event the digital asset goes live by December 2020. On the other hand, if Libra does not launch by then, the investors will lose all their initial investment.
An initial futures opening (IFO) is expected to kick-off on October 24. The price of Libra will start at 30 cents. The has been set to represent a 30% chance that Libra will be live by December 2020.
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