Binance adds prediction market to its app for millions of users
The integration covers gas costs to lower barriers for retail users. Binance doesn’t operate the markets directly, instead providing access to a third-party application.
What to know:
- Binance added a prediction markets feature to Binance Wallet, connecting it to Predict.fun on BNB Smart Chain, letting users trade without leaving the app.
- The integration covers gas costs to lower barriers for retail users. Binance doesn’t operate the markets directly, instead providing access to a third-party application.
- Monthly trading volumes for prediction markets have surged to over $20 billion, up 200-fold in two years. Polymarket and Kalshi dominate with over 97% of the market.
Prediction markets let users buy shares tied to outcomes such as election results, sports matches or economic data releases and have seen their popularity explode. Prices range from $0.01 to $0.99 and reflect crowd estimates of probability.
Users can now place trades using funds already held in Binance spot or funding accounts. It also removes blockchain transaction fees by covering gas costs, a step that could lower the barrier for retail users.
Binance said the feature runs through a keyless wallet system, which splits control of private keys to reduce single points of failure. Users must create a separate prediction account to access the service.
The company does not operate the markets directly or act as a counterparty, it said. Instead, it provides access to a third-party application.
