Bitfinex to make foray into prediction markets

Bitfinex is looking to turn to prediction markets, according to Paolo Ardoino, CTO of Bitfinex and Tether. On this week's episode of The Scoop, Ardoino said the company is currently narrowing the scope of the project to fast track it. Listen now on Spotify, Google, Apple or Stitcher

Prediction markets allow users to bet on the outcome of events, be it price movements or direct outcomes of real world events. In a recent white paper, Bitfinex touched on plans for an expansion into the world of prediction markets. Now, Ardoino said the company is looking towards late 2020 as a possible launch time. 

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"Still, we don't like gambling, so it will be just a pure and legal compliant prediction market system," he said.

Protection remains a concern as they plan the project, according to Ardoino. As of now, the plan is to limit the platform to verified customers, and build off the prediction mechanisms Bitfinex has used on previous platforms.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.