FTX Adds 2020 Presidential Futures Contracts For Bernie, Biden, Bloomberg, Pete, & Warren
- Democratic Candidates 2020 Futures set to launch on FTX Exchange anytime soon.
- BERNIE Futures will be the first to launch with the other four candidates on the way.
In the past week, FTX Exchange, a futures trading platform, announced the launch of U.S. President Donald Trump’s Futures for his re-election bid in 2020. Following the launch of TRUMP Futures, the exchange has once again announced the launch of his Democratic competitors but no specific date has been announced yet.
We added a few friends so https://t.co/iyHg3xjsPl doesn't get lonely!https://t.co/LSj33xKd6Fhttps://t.co/yYA2ddttughttps://t.co/dhzK5By5Hchttps://t.co/TX6vkW7D6Fhttps://t.co/Sw5TwEDfrp#trump #bernie #Biden #Bloomberg #pete #warren pic.twitter.com/GnoyU4FVoB
— FTX – Built By Traders, For Traders (@FTX_Official) February 10, 2020
Launch of 2020 Democrats futures on FTX
Crypto exchange, FTX, plans to launch futures on the five democratic candidates that are competing with Trump in the Presidential House race in 2020. According to a representative from the exchange, the futures are on the way with each of the candidates including Bernie Sanders (BERNIE), Joe Biden (BIDEN), Elizabeth Warren (WARREN), Pete Buttigieg (PETE) and Mike Bloomberg (BLOOMBERG), all on the roaster. An FTX Representative said,
“What we’re about to come out with is just similar contracts for the top five Democratic candidates.”
The futures allow traders to bet on the presidential primaries in the Democrats camp, with the winning candidate’s derivative having a value of $1 and 0 otherwise.
The betting on candidates on the futures has taken off at a slow pace so far with the TRUMP Futures trading with relatively low volumes since Feb. 5 launch. This may be mainly due to the increased regulatory pressure the exchange faces as it geo-locked a number of countries such as U.S, U.K, and the whole of the European Union from its services.
FTX Futures Restricted in the USA
Despite pegging this derivative to the USA 2020 elections, FTX through its representative noted that the product is not available in the host country. Other regions like the United Kingdom, Canada, and the EU are also among the markets FTX has restricted its futures. According to the representative, this is a regulatory precaution due to the nature of existing crypto laws in these jurisdictions.
The FTX representative however highlighted that the firm plans to scale its operations into new markets through proper legal processes;
“I think going forward, obviously, the more excited people are, the more motivated we’re going to be to try to offer it in more and more places.” the rep also added, “Whether that actually means getting, or at least looking into, what licenses would be relevant for it in different places.”
It is quite notable that FTX went ahead to launch this derivative in other regions and not the USA owing to the time frame between now and the elections. The derivatives-oriented firm is looking to capitalize on its market entry time while playing by the books. FTX’s restriction in certain markets is similar to that of big crypto players like Binance which restricted its USA market prior to its Futures launch back in June, 2019.