Backpack, a cryptocurrency trade based by former workers of Alameda Analysis and the defunct FTX, is coming into prediction markets with an formidable plan to unify balances from several types of buying and selling.
The trade has launched non-public beta testing for its new platform, referred to as the Unified Prediction Portfolio, Backpack CEO Armani Ferrante mentioned in a put up on X on Tuesday.
“This isn’t yet one more wrapper over Kalshi, Polymarket, or some other prediction market platform,” Ferrante wrote, describing the upcoming market as a “native system with every part tokenized and threat profiled, collectively.”
Backpack’s transfer comes as main business platforms, together with Polymarket, face scrutiny over insider buying and selling and heightened regulatory consideration, underscoring rising uncertainty in prediction markets.
“Prediction markets are notoriously inefficient,” says Ferrante
Detailing Backpack’s upcoming prediction market platform, the CEO mentioned the platform would enable customers to deploy capital not simply in a single prediction, however throughout all of Backpack “with out fragmenting balances” whereas sustaining different positions.
“Prediction markets are notoriously inefficient,” Ferrante mentioned, including that customers usually need to lock up funds at some stage in an occasion, limiting flexibility and potential returns.
Backpack is designed to let customers quote on worth predictions, get crammed, and instantly hedge on perpetual contracts — all inside a single margin account, he mentioned.
Ferrante added that preliminary testing shall be invite-only and can deal with guaranteeing the unified portfolio and its threat engine operate. The beta will step by step broaden, including new options, extra markets and mechanisms distinctive to a completely built-in system.
The announcement didn’t specify which markets shall be accessible at launch or how the platform will guarantee regulatory compliance, amid rising scrutiny of prediction markets and up to date US congressional consideration on insider buying and selling in political wagers.
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Cointelegraph reached out to Backpack for touch upon these questions, however had not obtained a response on the time of publication.
With its transfer into prediction markets, Backpack joins a rising listing of crypto platforms coming into the sector. Coinbase launched a prediction market website in partnership with main platform Kalshi in November 2025, whereas MetaMask beforehand partnered with Polymarket to permit customers to commerce predictions instantly from its self-custodial pockets.
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