Following TRUMP, FTX adds futures contracts for five more presidential candidates
Following the launch of its TRUMP futures contract last week, cryptocurrency derivatives exchange FTX announced today it has added five more futures contracts for other presidential candidates. The new contracts include Bernie Sanders (BERNIE), Joe Biden (BIDEN), Mike Bloomberg (BLOOMBERG), Pete Buttigieg (PETE) and Elizabeth Warren (WARREN). Like the TRUMP, the contracts expire to $1 if the candidate wins the 2020 US presidential general election, and $0 otherwise. According to a tweet from FTX CEO Sam Bankman-Fried, about 1 million contracts traded today between Bernie, Bloomberg, Biden, and Trump.
Why it matters:
- Decentralized prediction markets have been very slow out the gates, seeing limited adoption. This has created an opportunity for offshore derivatives exchanges like FTX to rise up and fill a void in the marketplace.
- FTX’s election futures contracts will likely be the most liquid election prediction market in the world. However, the products will be unavailable to United States citizens, potentially preventing some valuable information from getting incorporated into contract prices.
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