Authored by Jesse Coghlan via CoinTelegraph.com,
Traditional finance giantsCharles Schwab and Citadel Securities are both considering entering prediction markets, with each separately weighing up how they wish to get involved in the fast-growing sector.
“I think at some point we likely will have prediction markets,”Rick Wurster, the CEO of the banking and investing titan Schwab, told investors during a call on Thursday.
He added that prediction markets weren’t “of tremendous interest” when he recently asked a group of Schwab clients about them, but it wasan area the company would “take a hard look at, and it would be quite straightforward for us to offer.”
Charles Schwab CEO Rick Wurster speaking to CNBC after the company launched Bitcoin and Ether trading on Thursday. Source:CNBC
Prediction markets such as the popular Kalshi and Polymarket haveexploded in useover the past few months, with both platforms seeing a record combined total monthly trading volume of $23.6 billion in March,accordingto Token Terminal.
However, Kalshi, Polymarket and other prediction market platforms havealsocaught the ireof some US state regulators, who have accused them in court of offering unlicensed sports betting.
Some federal lawmakers have also vowed to crack down on prediction markets, claiming the platforms weren’t doing enough tostamp out insider trading.
Wurster said Schwab’s potential offering would steer away from allowing bets on areas such as sports, politics and pop culture as it looks to position itself as a partner for building long-term wealth.
“Prediction markets that are not aligned to that are not something that we want to pursue,”he said.
Source: ZeroHedge News
