Derivatives Exchange FTX Adds Trump-2020 Futures Contract For Upcoming Presidential Election

FTX, a crypto derivatives exchange has introduced a fresh futures contract dubbed Trump-2020 (TRUMP) which will allow users to make money through prediction of the upcoming US Presidential election outcomes.

The announcement which was released on Thursday says that Trump future is set to expire to $1, that is, if President Trump is reelected for a second term in this year’s US Presidential election, if he is not reelected it will expire to $0.

The announcement also clarified that a candidate who will receive 270 or extra collegiate votes will be deemed to have been elected. FTX also stated that in the event that all the main media networks such as CNN, New York Times, 270towin, Fox as well as 538 predict that a given candidate will emerge the winner prior to all the states reporting their official election results, then FTX will then settle the contract according to the projections.

The Trump-2020 will operate like all other futures provided by FTX, says the press statement. FTX users will have a chance to either go short or long depending on their own projections on whether Trump will be reelected.

Source: FTX.com

The Binance backed FTX exchange also stated that the trading fees will be set on the basis of a users’ base rates as well as the contract’s price. The profits or losses will be settled using USD. The announcement said:

“The price of one contract of TRUMP should be equal to the probability that Trump wins reelection.

So if you think there's a 52% chance of Trump winning, then TRUMP should trade at $0.52; buying below there would be good, as would selling above $0.52.”

The press statement also noted that FTX services cannot be accessed in the US. In addition, FTX also clarified that Trump futures will not be traded by US residents as well as others in other jurisdictions like Singapore, United Kingdom (UK), European United (EU) and Hong Kong as well as other prohibited jurisdictions.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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