Kraken is the latest crypto exchange that is reportedly considering entering the prediction markets industry. The company’s global head of consumer, Mark Greenberg, said in an interview with CNBC that it’s currently exploring the space as part of a wider strategy of letting people trade on info-related markets using crypto.
Kraken believes this is a natural expansion on top of its current operations, rather than being a departure from its core focus.
Crypto.com and Gemini are other exchanges that have gone down this road
Coinbase announced the launch of its own prediction market earlier this month, and many people complained that it was diverting attention from its core mission of making cryptocurrency easy to use. Crypto.com and Gemini are other exchanges that have gone down this road, while financial services platform Robinhood is also in the space.
Kraken’s executives see several ways to innovate on the current typical prediction markets, including linking them to tradable assets like crypto. Kraken’s long-term goal is to develop a platform to offer interoperable financial products.
