Binance Holdings Ltd., the world's No. 1 virtual asset exchange, is transforming from a spot and derivatives transaction-focused platform into a multiplatform player by launching a prediction market service.
On the 10th, according to the virtual asset industry, Binance Holdings Ltd. will link the BNB Smart Chain (BSC·Build and Build Smart Chain)-based prediction market platform "Predict.fun" to the Binance Wallet. BSC is a Blockchain platform that supports smart contracts, launched by Binance Holdings Ltd. in Sept. 2020.
Users can create a prediction market-only account in the Binance Wallet and bet on the outcomes of various events. Topics range from sports, economic indicators, and global issues to virtual asset prices, and users who participate in betting are automatically settled on-chain with rewards according to the results.
While Binance Holdings Ltd. and other top-tier virtual asset exchanges worldwide are evolving into multiplatforms that handle a variety of products, Korean virtual asset exchanges are barred from offering prediction markets as well as derivatives services. As a result, even domestic investors are using overseas exchanges.
The prediction market unveiled by Binance Holdings Ltd. is growing into a new market. Polymarket, the world's largest betting site, generated $927,000 (about 1.37235 billion won) in fee revenue on the first day alone after fully paywalling on the 30th of last month (local time). The market expected Polymarket's annual sales to reach $400 million (about 592 billion won) and fee revenue to reach $338.35 million (about 500 billion won).
In Korea, prediction markets are viewed as illegal gambling sites. If a Korean national participates in betting on prediction markets such as Polymarket, they can be fined up to 10 million won.