Cryptocurrency derivatives exchange FTX Exchange has introduced a new futures contract called OLY2021
The futures contract will let traders speculate on whether the Tokyo Olympics will happen this year or not.
The contract will expire at $1 if the Olympics happen and $0 if they are canceled.
Share this article
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 introduced a new futures contract–OLY2021–serving as a prediction market for the likelihood of the Tokyo Olympics taking place this year.
The latest edition of the summer Olympics was initially scheduled for Jul. 24 to Aug. 9, 2020, but had to be postponed due to the ongoing pandemic. Now the event is scheduled for this summer.
However, rising cases of COVID-19 in Japan have fuelled speculation that Japan may have to cancel the sporting event altogether.
FTX Exchange’s OLY2021 futures contract will trade between $0 and $1 on with leveraged trading up to 100x. The futures contract will expire at $1 if the Olympics happen and $0 if they are canceled.
The Hong Kong-based exchange has also defined that it will declare Tokyo Olympics to have successfully taken place if, by Aug 9, 2021, a minimum of 15 medals are awarded across any sports.
The contract is currently trading at $0.65, which suggests more traders are betting that the Olympics will indeed happen.
Source: FTX Exchange
This is not surprising given the Tokyo Olympics President Yoshiro Mori recently said the event was most likely going to happen regardless of the COVID-19 situation. “We will hold the Olympics, regardless of how the coronavirus looks,” Morti told Reuters.
FTX said the OLY2021 futures contract has a different risk profile compared to Bitcoin due to having “higher chances of making large moves ($0 or $1).”
Around the time of the 2020 U.S. elections, FTX similarity listed ERC20 tokens that let users speculate on whether ex-president Donald Trump would win or lose the elections.
Disclosure: The author did not hold crypto mentioned in this article at the time of press.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto Exchange FTX Launches Tesla, Amazon Stock Trading
One of the leading crypto exchanges by trading volume, FTX, has partnered with European financial companies CM Equity AG and Digital Assets AG to enable tokenized equity trading. The platform’s…
Looking Back on 2020 and 2021 Predictions
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will…
FTX Crypto Exchange Lists Airbnb Ahead of Nasdaq IPO
Airbnb, the world’s best-known online rental marketplace, is now live on FTX exchange. The stock listing comes in the form of a pre-IPO derivative contract, as Airbnb is yet to…
FTX Traders Say Democrats Have 23% Chance of Winning the Senate in Jan…
The crypto derivatives exchange FTX has issued a new contract to bet on the outcome of Georgia’s contentious Senate election. The results of the contest will decide which party runs…
Get detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
The #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet