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. 

"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.