The TradeX app, which aims to enhance predictions markets, is reporting its latest updates.
TradeX, which previously secured funding from Y Combinator and other investors, has so far reportedly raised $4.5 million. The platform’s creators have launched a B2B vertical, expanding its offerings and partnerships.
The TradeX team further noted that they have been focused on the web3 space and aim to harness the benefits of decentralization. They’re also highlighting their commitment to leveraging blockchain technology. They are also reporting “a significant user base” with considerable transaction volume.
Their plans include potentially exploring social fi platforms.
The TradeX team has developed an innovative trading app which enables a prediction market platform that works as a next-gen stock exchange. The exchange platform is focused on trading on every day event outcomes.
According to its creators, the TradeX platform is intended for Indian consumers. It works by creating an event based predictions market.
As explained by its developers, users are able to gain direct exposure on any real life event, and then proceed to double down on their existing investments or hedge strategic positions.
Derivatives market on information such as TradeX is an attempt to capture a market where users may trade on their opinions. It’s described as a real money gaming app which supports a P2P trading platform.
Somewhat similar to other prediction markets, any user may take a Yes or No position on various questions based on their opinion and knowledge of the subject matter. In addition to this, users are able to learn about trending new topics and make real capital gains by trading on their knowledge and opinion in a daily basis.
TradeX has created an app that serves the Indian market and could launch in other global markets as they are setting up their HQ in the US.
Similar to how other prediction markets operate, TradeX’s vision is to help clients with capturing the collective wisdom to make impactful decision.
Crypto industry professional Balaji Srinivasan has previously noted that prediction markets may be “the one force strong enough to counterbalance the spread of incorrect information on social media.”
He explains that they “give people a financial incentive to seek the truth and then protect them with the twin shields of pseudonymity and decentralization.”
As noted in the update, TradeX is developed with assistance from Divij Goyal and Ankit Shrivastava. They are graduates from IIT Roorkee and have worked at firms such as JPMC, Ziploan, CityMall, Sapient, and Ladbrokes.
The duo has introduced various gaming products before entering the predictions market space.
TradeX is reportedly backed by TDV Partners, SoMa Capital and a number of marquee investors such as Maninder Gulati, Anupam Mittal, Rajesh Shawney, Hitesh Chawla, Cem Garih, Justin Mateen, Fethi and few others.
They are also reportedly backed by Y Combinator and other funds like Tribe Capital, Cathexis Venture, Pioneer Fund, Co-Founder of Tinder- Justin, Soma Capital, etc.
TradeX enables people to trade on opinions that matter to them.
Clients are able to predict Yes or No on different topics and get rewarded based on the outcome of the events. This is basically a financial exchange where people can trade on their opinion and hedge everyday risks.
TradeX, launched in 2022, aims to enhance prediction exchanges “by offering a platform where users can predict virtually anything, think of climate change, GD, transportation, currencies, omicron cases, inflation rate, movie launches, presidential elections and more.”
By “democratizing” prediction exchanges, they allow people “to trade on what they know rather than studying company financials or worrying about market conditions, moving away from traditional prediction exchanges’ constraints.”