TradeX, a pioneering app revolutionizing prediction markets, announces its latest advancements. Having secured funding from prominent investors including Y Combinator, the platform has successfully raised $4.5 million. Now, TradeX ventures into new territory with the introduction of a B2B vertical, expanding its scope and partnerships.
TradeX Embraces Blockchain Integration and Boasts Growing User Base
The TradeX team reveals their initiation of a web3 integration with Avalanche, underscoring their dedication to blockchain technology. Additionally, they highlight a burgeoning user base, boasting over $50 million in monthly transaction volume. Notably, TradeX’s plans encompass the launch of Askx.me, a social finance platform, which amassed over 1 million downloads within a month.
Innovative Trading App Redefines Prediction Markets
TradeX introduces an innovative trading app, functioning as a next-generation stock exchange within the prediction market realm. The platform prioritizes trading on everyday event outcomes, offering users direct exposure to real-life events. According to its developers, TradeX caters specifically to Indian consumers, facilitating event-based predictions markets.
Empowering Users with Financial Insights
TradeX allows users to directly engage with real-life events, enabling them to reinforce existing investments or hedge strategic positions. The platform serves as a derivatives market, where users trade based on their opinions, akin to real money gaming supported by a peer-to-peer trading platform.
TradeX’s Global Aspirations and Vision
With a focus on the Indian market, TradeX sets its sights on global expansion, establishing its headquarters in the United States. Aligning with the ethos of prediction markets, TradeX aims to harness collective wisdom to facilitate impactful decision-making processes.
Expert Insights and Backing
Crypto industry expert Balaji Srinivasan underscores the significance of prediction markets, noting their potential to counteract misinformation prevalent on social media platforms. He emphasizes their role in incentivizing truth-seeking behavior and safeguarding participants through pseudonymity and decentralization.
Behind the Innovation
TradeX’s development is spearheaded by Divij Goyal and Ankit Shrivastava, graduates of IIT Roorkee with extensive professional experience. Their backgrounds encompass stints at renowned firms such as JPMC, Ziploan, CityMall, Sapient, and Ladbrokes, bringing a wealth of expertise to the table.
Diverse Investor Support
Backed by TDV Partners, SoMa Capital, and a cadre of esteemed investors including Maninder Gulati, Anupam Mittal, Rajesh Shawney, and others, TradeX garners substantial support from the investment community. Notable backers also include Y Combinator, Tribe Capital, Cathexis Venture, and Co-Founder of Tinder, Justin Mateen, among others.
TradeX: Redefining Predictive Trading
TradeX provides a platform where individuals can trade on topics of significance to them, predicting outcomes and earning rewards accordingly. By facilitating trading based on personal insights rather than traditional market conditions, TradeX aims to democratize prediction exchanges and empower users to make informed decisions.