Backpack exchange launches beta testing of prediction market platform

Backpack exchange launched an invite-only beta for its Unified Prediction Portfolio, letting users hedge and trade across markets in a single crypto account.

Backpack, a cryptocurrency exchange founded by former employees of Alameda Research and the defunct FTX, is entering prediction markets with an ambitious plan to unify balances from different types of trading.

The exchange has launched private beta testing for its new platform, called the Unified Prediction Portfolio, Backpack CEO Armani Ferrante said in a post on X on Tuesday.

“This isn’t yet another wrapper over Kalshi, Polymarket, or any other prediction market platform,” Ferrante wrote, describing the forthcoming market as a “native system with everything tokenized and risk profiled, together.”

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