Despite the fact that Facebook’s planned cryptocurrency, Libra, has been under intense scrutiny, one crypto-futures exchange is planning for its future.
CoinFLEX, which launched earlier this year, is offering physically-settled futures that will deliver Libra tokens if it is live by the end of next year, or the settlement date. If that doesn't happen, investors will not receive anything, and will also lose their initial investment.
“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,” Mark Lamb, CoinFLEX’s Hong Kong-based chief executive officer, said, according to Bloomberg. “The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line.”
In other news, Germany’s federal finance minister has sent out a warning about private currency projects like Libra.
Minister Olaf Scholz said in an interview a local German outlet that he remains “very, very critical” of Libra, but conceded that an e-euro would be good for Europe’s financial system.
“Such a payment system would be good for the [European] financial center and its integration into the world financial system,” Scholz said, according to CoinDesk. “We should not leave the field to China, Russia, the U.S. or any private providers.”
He added, however, that the power of currency issuance should not be left in the hands of tech giants: “A core element of state sovereignty is the publication of a currency, we will not leave it to private companies.”
And the Sacramento Kings has announced the NBA’s first blockchain-powered reward program through a partnership with Blockparty.
“We have only just begun to see the benefits of blockchain technology as it transforms the way business is conducted worldwide, ensuring secure transactions across multiple sectors and customers,” Sacramento Kings Chairman, CEO and Governor Vivek Ranadivé said in a press release. “We are committed to continuing to deliver the best fan experience and are excited to bring this transformative technology to life to award our loyal fans through experiences in a secure and transparent way.”
Blockparty will utilize blockchain to track Kings fans’ engagements and accumulate points in a virtual wallet within the Sacramento Kings gaming app, Call the Shot. Rewards can be redeemed for prizes and events including signed merchandise and courtside tickets.
