FTX launches 5 new future products based on the 2020 US presidential election after TRUMP

FTX launches 5 new future products based on the 2020 US presidential election after TRUMP

Following the launch of TRUMP futures trading last week, FTX derivatives exchange plans to release five more futures products based on the 2020 presidential election.

"What we're about to launch are just similar products for five Democratic candidates," FTX told Cointelegraph in an interview.

Expand the supply of the 2020 reelection future

FTX is planning to launch a Bernie Sanders (BERNIE) futures trading product, as well as futures based on Joe Biden (BIDEN), Elizabeth Warren (WARREN), Pete Buttigieg (PETE) and Mike Bloomberg (BLOOMBERG). - 5 bright candidates that can replace Trump this year.

Although FTX has not set a specific release date for the products at the time of writing, the representative of the exchange said that they will launch within the next few days, possibly as early as today.

TRUMP's future has come into operation quite well

On February 6, FTX announced a futures trading product called TRUMP - based on President Donald Trump's re-election, in 2020. Basically, TRUMP contracts trade in the range of 0 to $ 1. If he cannot win to extend his term, the TRUMP contract will be worthless.

"The initial response was extremely positive," the FTX representative said of the TRUMP contract to date. “People are really excited about this. FTX has reached a new peak in number of daily active users when it launched TRUMP deals, ”he added.

FTX's 5 new future products will have the same structure as the TRUMP transaction.

Future TRUMP after the first trading hour. Source: ftx.com
Future TRUMP after the first trading hour. Source: ftx.com

The 2020 presidential election - currently underway, will eventually find a single candidate to fight with Trump. And that means, four out of five FTX Democratic Party products will become worthless before the 2020 election.

"We have no contract on who will win the primary election," the FTX representative said. "At most, one of these contracts will expire to $ 1."

Transaction data. Image source: ftx.com
Transaction data. Image source: ftx.com

FTX restricts trading in many countries

The emerging derivative exchange has banned users in many regions from entering the TRUMP trade, including Canada, the European Union, the United Kingdom and even the United States - the country that holds elections where This product is based on.

FTX representative explained about the trading floor being implemented cautiously. According to him, "it is all about regulation", noting the laws and guidelines of different countries on different types of transactions. "In many countries, there are many licensing regimes for contracts like this."

He adds:

“Basically, we don't want to go beyond what we can do there, and so, unfortunately, we had to restrict the jurisdictions we could provide. I think looking into the future, obviously, the more people are excited, the more motivated we will be to try to provide it in more places. Whether that really means we have to get or at least consider, which license will fit it in different places. ”

Not only FTX, many other trading platforms are also forced to ban participants from the United States and other countries due to regulatory concerns. In June 2019, cryptocurrency exchange Binance also joined the movement by announcing a ban on U.S. citizens from its platform before launching future transactions.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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