FTX crypto exchange lists Airbnb derivatives contracts ahead of IPO. Users can now make use of Airbnb pre-IPO contraction FTX.
According to a news article on Cointelegraph, FTX, which is a crypto exchange, has now listed Airbnb on its stock offerings. This comes on the eve of its online rental marketplace initial public offering that is highly anticipated among stockbrokers and users.
On Tuesday, the cryptocurrency traders will be able to get exposed to Airbnb with the help of a pre-IPO derivative contract. This contract comes directly on the FTX. Since this is a pre-IPO product, the agreement is most likely linked to Airbnb’s market capitalization.
This will happen at the end of the first trading day. According to FTX, these derivatives contracts can now automatically roll over to the fractional stock’s contracts. It will occur during the first public trading day of Airbnb.
Mercados ?itcoin is a news platform that reports the latest on Bitcoin had tweeted on this.
FTX also said on the development that if Airbnb stock is not listed and trades publicly on March 9, next year, the crypto exchange can roll back trades on ABNB product. For the moment, the derivatives contract is available on the main FTX exchange.
For American customers, FTX US is not listed ABNB/USD pair. It means that the trade volumes for ABNB/USD surged on Wednesday. Based on TradingView data, today, more than $244,000 was traded among each other.
This is a major development globally for the online rental firm because it wants to increase its target price to $60. At the moment it is $50. The Wall Street Journal has posted that the online rental space firm share price of $60 can fund it with close to $42 billion in the market.
Thanks to the pre-IPO contract, the initial price of $60 was able to reach $81 by Wednesday. FTX was first launched in May 2019 and is ranked ninth in the world at the moment. They have traded more than $40 million volumes to still rank among the top 15 globally.
Airbnb is not the first stock listed as they are trading Tesla, Facebook, Nasdaq, and Amazon shares.