Tuesday, 26 September 2023

Crypto News

BitMEX launches Prediction Markets for real-world events

BitMEX launches Prediction Markets for real-world events

  • BitMEX launched the Prediction Markets product to allow traders bet on events such as outcome of FTX bankruptcy claims and Sam Bankman-Fried’s criminal case.
  • The product offers speculative contracts that will be marked at Last Price.
  • Chancer on the other hand is a blockchain-based prediction markets platform expected to revolutionise the gambling industry.

 Crypto exchange BitMEX has unveiled a new predictions product for its users, with the global community able to bet on real-world events from within the platform. What is BitMEX’s Prediction Markets and how is this different from what Chancer, an anticipated game-changer for the $80 billion gambling industry, offers?

What’s BitMEX’s Prediction Markets?

Prediction Markets is a new crypto derivatives offering from BitMEX that will allow traders to take positions that predict the outcome of certain real-life events. While the contracts will cover nearly every topic, industry or event, it’s BitMEX that will add the markets and thus dictate what traders can bet on at any given time.

Bet on events such as Bitcoin spot ETF approval, SBF jailing

For its first contracts, the crypto exchange is offering account holders  a chance to earn returns on predictions on three topics – FTX bankruptcy claims, Bitcoin ETF approval and fate of former FTX CEO Sam Bankman-Fried.

Other markets will be added soon, with users able to benefit from not just trading, but hedging opportunities. According to BitMEX, the three predictions markets above are available from September 13. The speculative contracts are marked on Last Price, with no leverage. Margin and settlement will be in Tether (USDT).

What is Chancer?

BitMEX’s new offering adds to what’s available and in the pipeline for the prediction markets. But there’s a huge difference to what Chancer offers and how it works.

Simply put, Chancer offers a decentralised betting platform powered by the $CHANCER token, where anyone can create bets on any event. There’s no central bookmaker and wagers can be on anything – from global sports, elections and community events. Even the likes of whether Bitcoin will end the year above or below a certain price is possible.

Chancer’s social betting model, which allows for features such as sharing of bet markets and livestreaming, is expected to revolutionise the $80 billion gambling industry. Growth…

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