Crypto prediction market platform Bispex announces that it is developing its own Bispex token, which it will be looking to have listed on a number of cryptocurrency exchanges soon. Specifically, the platform is aiming to apply for its first wave of exchange listings beginning this November to align with its roadmap, as revealed on its website.
The development and the listing of the said token is one of the platform’s chief priorities before it opens its doors to the general public. According to Bispex CEO Ashish Babar, the token will prove to be pivotal in the platform, as it will act as its native utility.
Bispex is a recently-formed cryptocurrency speculation platform. It aims to become a popular avenue for making cryptocurrency price forecasts. Since cryptocurrencies have highly volatile price conditions, Bispex believes that it is an area that will entice users to make expert speculations on.
The project operates in Seychelles. Its team is composed of finance experts and blockchain developers who come from different countries and have collaborated for the platform’s common vision.
Joining Mr. Babar in leading the project are three other crypto and finance aficionados: CTO Mike Kwon, who has been a C-level executive of various tech projects since 2012; CSO Desiree Yoo, a vibrant finance and crypto enthusiast who once worked for Montech; and CMO Patrick Chun, who was part of a number of cryptocurrency and IT initiatives, including Coinrail and Handys.
As to the reason why Bispex only allows the creation of cryptocurrency predictions, the team said that they are aiming for accurate results and efficient service. Given that the platform aims to hand out fast payouts to those who make the correct forecasts, prediction outcomes should be something that can always be verified at any given time, and will be the same even when cross-referred with other reputable sites.
Prediction markets that allow for other topics including politics, weather conditions, etc., may either have arbitrary or disputable results. For example, elections are not immune to discrepancies, and this may prove troublesome for the system. The perception of a ‘fine’ weather may also vary from person to person. These may delay the handing out of payouts, and in turn, tarnish the overall reputation of the platform.
However, these issues do not apply to cryptocurrency prices, that is why Bispex believes it is the ideal subject to predict on.
According to Mr. Babar, the platform will consolidate the latest analytical data fed by a number of reputable crypto market analysis and tracking sites to provide a precise forecasting platform through its algorithm.