[DigitalToday reporter Chi-gyu Hwang] Backpack Exchange, a cryptocurrency exchange founded by former Alameda Research and FTX employees, is making a full-scale push into prediction markets.
Backpack has started a private beta test of an “integrated prediction portfolio” that combines prediction markets and cryptocurrency trading, Cointelegraph reported on Tuesday (local time).
Backpack CEO Armani Ferrante stressed that the platform differs from existing prediction market platforms such as Kalshi and Polymarket, calling it “a native system where everything is tokenised and risk is integrated.”
The company said the structure lets users trade multiple markets from a single account without having to split their funds.
Prediction markets are often inefficient and have been limited by requiring investors to tie up funds during specific events, it said. Backpack stressed that it built a system that allows users to hedge immediately with futures contracts after making a price forecast, boosting flexibility and profitability.
Backpack said the initial beta will be invitation-only. It plans to expand functions and markets after verifying that the platform’s risk engine works properly.
Chi-gyu Hwang
delight@d-today.co.kr