BitMEX launched the Prediction Markets product to allow traders bet on events such as outcome of FTX bankruptcy claims and Sam Bankman-Fried’s criminal case. The product offers speculative contracts that will be marked at Last Price. Chancer on the other hand is a blockchain-based prediction markets platform expected to revolutionise the gambling industry.

 Crypto exchange BitMEX has unveiled a new predictions product for its users, with the global community able to bet on real-world events from within the platform. What is BitMEX’s Prediction Markets and how is this different from what Chancer, an anticipated game-changer for the $80 billion gambling industry, offers?

Prediction Markets is a new crypto derivatives offering from BitMEX that will allow traders to take positions that predict the outcome of certain real-life events. While the contracts will cover nearly every topic, industry or event, it’s BitMEX that will add the markets and thus dictate what traders can bet on at any given time.

For its first contracts, the crypto exchange is offering account holders  a chance to earn returns on predictions on three topics – FTX bankruptcy claims, Bitcoin ETF approval and fate of former FTX CEO Sam Bankman-Fried.

Other markets will be added soon, with users able to benefit from not just trading, but hedging opportunities. According to details in a blog post, BitMEX is offering the first three predictions markets events as from September 13. 

The speculative contracts are marked on Last Price, with no leverage. Margin and settlement will be in Tether (USDT).

BitMEX’s new offering adds to what’s available and in the pipeline for the prediction markets. But there’s a huge difference to what Chancer offers and how it works.

Simply put, Chancer offers a decentralised betting platform powered by the $CHANCER token, where anyone can create bets on any event. There’s no central bookmaker and wagers can be on anything – from global sports, elections and community events. Even the likes of whether Bitcoin will end the year above or below a certain price is possible.

Chancer’s social betting model, which allows for features such as sharing of bet markets and livestreaming, is expected to revolutionise the $80 billion gambling industry. Growth for the sector, coupled with expected adoption of cryptocurrency, is likely to propel the blockchain-based platform into becoming the dominant force in peer-to-peer (P2P) betting.

Per the Chancer roadmap, the above scenario will begin to take shape when the Chancer platform goes live in the first quarter of 2024. By then, $CHANCER holders will have access to passive earning opportunities, including through staking. Find out more here.

As the crypto market gets more and more institutionalized, so is the potential for an explosion of everyday usage.

Taking control from centralised bookmakers and giving the power to create bets, determine odds and earn payouts to individual users gives Chancer an upper hand when it comes to tapping into a market expected to grow significantly over the next decade.

This is what makes $CHANCER’s presale price of $0.011 today look attractive – a bargain vis-à-vis the future potential. Investors keen on a new crypto gem might fancy a portion of their investment in this project. Factors such as the mainnet launch, listing on major crypto exchanges and broader sector outlook suggest this could be a good time to take a long-term bet on this blockchain-powered project.

Currently, investors can participate in the presale and buy $CHANCER with ETH, BNB, USDT and BUSD. The project has so far raised nearly $2 million.

Are you interested in $CHANCER? Visit the official Chancer presale page for more on how to buy.

The post BitMEX launches prediction market for real-world events- implications for Chancer? appeared first on CoinJournal.

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