Traders on the FTX Exchange can now gamble on whether the Tokyo Olympics will take place this summer.
FTX’s Latest Prediction Market
Cryptocurrency derivatives platform FTX Exchange has actually presented a brand-new futures agreement–– OLY2021–– functioning as a prediction market for the likelihood of the Tokyo Olympics happening this year.
The current edition of the summer season Olympics was at first set up for Jul. 24 to Aug. 9, 2020, but needed to be postponed due to the ongoing pandemic. Now the event is arranged for this summer.
However, rising cases of COVID-19 in Japan have actually fuelled speculation that Japan might need to cancel the sporting occasion altogether.
FTX Exchange’s OLY2021 futures contract will trade between $0 and $1 on with leveraged trading up to 100x. The futures contract will end at $1 if the Olympics occur and $0 if they are canceled.
The Hong Kong-based exchange has also specified that it will declare Tokyo Olympics to have actually successfully taken place if, by Aug 9, 2021, a minimum of 15 medals are awarded across any sports.
The contract is presently trading at $0.65, which suggests more traders are wagering that the Olympics will indeed happen.