Backpack, a cryptocurrency exchange founded by former employees of Alameda Research and FTX, has started private beta testing of a new prediction market platform. The platform, called the Unified Prediction Portfolio, is designed to consolidate balances across different types of trading.

The move comes as prediction markets face growing regulatory scrutiny. Backpack enters the prediction market sector at a time of increased regulatory attention. Polymarket and other crypto prediction markets have faced review over potential insider trading. In Ukraine, Polymarket has been blocked and classified as gambling.

Backpack Launches Tokenized, Integrated Prediction Platform

Backpack CEO Armani Ferrante described the system as a “native system with everything tokenized and risk profiled, together.” He added, “This isn’t yet another wrapper over Kalshi, Polymarket, or any other prediction market platform.”

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The platform allows users to deploy capital across all of Backpack without “fragmenting balances” while maintaining other positions. It also lets users quote on price predictions, get filled, and hedge on perpetual contracts within a single margin account. Ferrante said users often have to lock up funds in prediction markets, which limits flexibility and potential returns. He described prediction markets as “notoriously inefficient.”

Prediction Markets See Growing Crypto Platform Entry

Initial beta testing is invite-only and will focus on ensuring the unified portfolio and risk engine work correctly. The beta will expand gradually to include new features, markets, and mechanisms unique to the integrated system. Backpack has not disclosed which markets will be available at launch or how it will address regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term amid growing scrutiny of prediction markets.

Other crypto platforms are also moving into prediction markets. Coinbase launched a prediction market in partnership with Kalshi in November 2025, while MetaMask previously partnered with Polymarket to allow trading directly from its self-custodial wallet.

Kalshi Pushes On-Chain Data

Kalshi, a U.S.-regulated prediction market provider, plans to integrate its platform across major cryptocurrency exchanges and apps within 12 months.

The company, which captured 66% of the market by September, is pushing event data on-chain for developers and partnering with exchanges and brokers including FOREX.com and Webull. Kalshi sees prediction markets as an accessible gateway into crypto derivatives.