BitMEX, the cryptocurrency derivatives exchange, has opened its doors to the popular prediction markets thanks to Polymarket. BitMEX has introduced its own prediction market that allows users to speculate on the outcome of future events.
BitMEX Launches Prediction Market Option
The prediction market, which has seen a significant increase in popularity through Polymarket, has been around for a while. BitMEX, the cryptocurrency derivatives exchange, has launched its own prediction market that allows investors to speculate on the future outcome of real-world events. The current prediction market options include the percentage result of FTX’s bankruptcy claims for assets, the future of Bitcoin ETFs, and whether Sam Bankman-Fried will receive a prison sentence.
BitMEX’s latest derivative product, called the prediction market, allows users to speculate on FTX’s bankruptcy claims recovery rate, the likelihood of approval for a Bitcoin Exchange Traded Fund before October 17th, and the probability of Sam Bankman-Fried going to prison.
BitMEX CEO Stephan Lutz commented on the launch of the prediction market option, saying, “We want our investors to keep up with the ever-changing waves of the world. That’s why we are introducing the Prediction Market at BitMEX,” adding, “This product adds appeal to cryptocurrency derivatives trading, allowing investors to diversify their portfolios and profit by predicting the outcomes of real-world events.” Lutz also mentioned that more options will be added to the prediction market soon.
The Polymarket Wave in the Prediction Market
Polymarket hosts a wide range of prediction markets that allow users to speculate on the outcome of future events using USD Coin (USDC), one of the leading stablecoins. Polymarket also features a smart contract interface that enables users to interact with the protocol.
Polymarket, which was fined $1.4 million in January 2022 for illegal swaps, offers options on significant topics, such as the winner of the first Republican pre-debate, former President Obama’s sexual orientation, the possibility of Russia using nuclear weapons before 2023, or the existence of aliens.
