Meta Is Developing Prediction-Market App to Challenge Polymarket, Kalshi
JH Kim
Summary
- Meta is developing a prediction-market application similar to Polymarket and Kalshi.
- The app, called Arena, will operate separately from Facebook, Instagram and WhatsApp.
- Meta plans to start with game points, but is also considering the addition of real-money betting features later.
Forecast Trend Report by Period
Meta Platforms Inc. is developing a prediction-market app similar to Polymarket and Kalshi, the New York Times reported on June 23.
Chief Executive Officer Mark Zuckerberg directed development of the app, according to the report.
The app is being developed under the name Arena and will operate separately from Facebook, Instagram and WhatsApp.
The service is expected to begin with a game-points system instead of real-money wagers. Meta is also considering adding real-money betting features later.
The Times said Meta's push into prediction markets is part of Zuckerberg's strategy to roll out new services in response to changes in online user behavior.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
