Crypto Gloom

Binance Launches Prediction Market to Allow In-App Trading of Real-World Event Outcomes

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Binance has launched Prediction Markets, allowing users in supported regions to trade outcomes through a keyless wallet using market or limit orders and securely track their location within the app.

Binance launches on-chain prediction marketplace with keyless wallet access and gasless transactions

Cryptocurrency exchange Binance announced the launch of a new prediction market that will allow users to engage in probability-based trading directly through the Binance app through integration with third-party platforms. This feature allows users to take positions on the outcome of real-world events across a variety of categories including sports, economics, global events, culture and cryptocurrencies.

At launch, Binance Wallet will provide access to markets hosted by Predict.fun, the leading on-chain prediction markets provider on BNB Smart Chain (BSC). The integration is designed to simplify engagement, allowing users to trade directly using balances in their spot and treasury accounts without any additional setup. Binance Wallet covers all transaction and settlement fees, providing a gas-free trading experience. Trades can be executed using market orders or limit orders, providing great flexibility, and Binance Wallet’s Keyless MPC technology adds an additional layer of security for participants.

Prediction markets work by representing possible outcomes with YES and NO stocks priced between $0.01 and $0.99 each to reflect the collective market view of the likelihood of an event occurring. For example, in a sufficiently liquid market, a stock price of $0.80 indicates an 80% probability that an outcome will occur. When the market resolves, the correct outcome pays out $1 per share.

Binance enables keyless wallet access to prediction markets with market and limit order trading.

Users can access this feature by going to the Markets tab in the Binance app and selecting the Forecasts section available in supported regions. First-time participants will be prompted to create a Binance Wallet Predictions account, which will automatically create a secure keyless wallet for trading. Users can then place trades using their available spot and funds balances or by topping up their prediction accounts. Trades are executed via market or limit orders and participants can track positions, claim wins and view trade history in the Assets > Predictions section of the app.

The launch of the Binance Prediction Market represents a move to expand user engagement in decentralized finance applications while providing simple, secure, and cost-free entry into on-chain probability-based trading.

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About the author

As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.

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As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.

more articles