BitMEX Launches The First Batch Of Prediction Market Contracts With Interesting Conditions

Key Points:

• BitMEX launches prediction markets for real-world events, broadening trading choices.
• Initial contracts include FTX bankruptcy, Bitcoin ETFs, and SBF’s fate, with more to follow.
• Traders can earn returns by predicting outcomes, settled in USDT, reflecting BitMEX’s crypto innovation drive.

BitMEX, the cryptocurrency derivatives exchange, has ventured into the world of prediction markets, offering traders an opportunity to wager on real-world events.

The exchange operator, in a recent statement, the exchange operator announced the introduction of this new tool, allowing traders to leverage their insights into various real-life events, spanning from crypto price movements to pop culture phenomena. This initiative expands the trading and hedging possibilities available on the platform.

The exchange’s prediction market, a novel derivative product, kicks off with contracts related to significant events. These contracts cover predictions concerning FTX‘s bankruptcy filing recovery rate (product P_FTXZ26), the prospects of Bitcoin ETFs (product P_XBTETF), and the fate of FTX founder Sam Bankman-Fried (product P_SBFJAILZ26). More contracts are expected to be added to the platform in the future.

These prediction markets offer traders a unique opportunity to earn returns by forecasting outcomes across a wide range of topics, including both the crypto world and traditional finance.

Each contract on BitMEX’s prediction markets is valued between zero and one USD but is quoted in percentage terms. The exchange will carefully vet each listing, considering the intricacies of defining specific outcomes. Settlement of these contracts will occur in USDT and will rely on the platform’s best efforts to provide a settlement price, similar to existing futures contracts on BitMEX.

This move into prediction markets represents BitMEX’s latest effort to offer innovative financial products to its user base, catering to the evolving needs of crypto traders.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.