CoinFLEX to launch futures for people willing to bet on Libra’s launch


CoinFLEX is a futures and lending exchange that is working to offer its customers the possibility to bet on Facebook’s Libra launch date via futures contracts settled in physical cryptocurrencies.
Though initially it seemed as just another funny enterprise from a serious crypto player to offer this trading opportunity, over the last weeks we’ve been watching an increasing regulatory pressure on Libra, with several major participants in the project deciding to leave, such as Mastercard, Visa and PayPal.
But this doesn’t mean that Libra project is dead as Facebook has anticipated from the start that the road to imposing cryptocurrencies to the masses would be long and difficult, especially from a private enterprise that doesn’t seem to be very suitable to represent the noble principles supported by Satoshi Nakamoto with Bitcoin.
If initially many people were expecting the Libra project to launch in the first part of 2020, we’ve been later informed that the second part of 2020 would bring greater chances of success.
Further on, Mark Zuckerberg declared in a recent interview that Libra doesn’t have a clear launch date, especially when there are still so many regulatory details to be clarified with the US political representatives who already emphasized their lack of enthusiasm in seeing Facebook’s digital currency replacing the almighty US dollar on the world’s financial stage.
Actually, if there’s anything Libra has in common with Bitcoin may be the same political wall raised by the US politicians and other governments of the world.
Going back to CoinFLEX, the crypto exchange raised $10 million in June 2018 in order to deliver Bitcoin and Ethereum-based futures contracts that are physically delivered.
To allow users to place bets on Libra’s launch, the company launched an Initial Futures Opening (IFO) where customers can bet on a date to receive Libra tokens if the cryptocurrency is launched before December 30, 2020.
Though Libra project didn’t receive much love from the cryptocurrency market due to Facebook’s private interests and lack of principles regarding users’ privacy, there are many voices emphasizing that Libra can do for this space what Bitcoin did in 10 years greatly enhancing the popularity of public blockchains. That may be true, but at what expense for the user?

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