My Funded Futures, a futures prop platform focused on the US market, appears to have plans to enter prediction markets. The CEO of the platform, Matthew Leech, recently hinted that he plans to build “the future of prediction markets.”

Leech’s comment came as he began looking for “a passionate engineer” to help him build prediction markets for the prop platform.

Brokers Are Bullish on Prediction Markets

Demand for prediction markets has been rising for some time. Brokers such as Robinhood, Interactive Brokers and eToro are among those that have seen the potential of event contracts and entered the space.

Matthew Leech, the CEO of MyFunded Futures
Matthew Leech, CEO of MyFunded Futures (Photo: LinkedIn)

Robinhood recently said that more than 9 billion event contracts have changed hands, with over 1 million users taking part on its prediction market platform. Kalshi, the US-based issuer of these event contracts, also said that volume reached $4.4 billion in October.

One of the most notable entries into the sector was CME Group, which partnered with Flutter-owned sports betting platform FanDuel to launch an event-based contracts platform. London-listed Plus500 took a different route and became the clearing partner for CME and FanDuel’s new event-based contracts platform.

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Props Going Beyond Core Offerings

While brokers and exchanges are entering prediction markets, prop trading platforms were yet to launch event contracts — until now. My Funded Futures might be the first prop platform to reveal plans to add event contracts to its offerings.

However, it remains unclear how event contracts would sit within a simulated prop trading model.

FinanceMagnates.com earlier reported that My Funded Futures has been moving towards becoming a “fully licensed Introducing Broker (IB)” supervised by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).

Although Leech’s main focus is My Funded Futures, he entered the prop trading space with another platform, MyFundedFX, which has since been rebranded as SeacrestFunded. That platform also has a brokerage unit, Seacrest Markets, which operates under a South African licence.

FinanceMagnates.com approached Leech for details on his plans around prediction markets, but did not receive a response as of press time.

Source: Finance Magnates