OmenX Secures Seed Funding for Leveraged Prediction Market Launch
Technology firm OmenX has secured multi-million dollar seed funding to launch its novel leveraged prediction market platform. The public testnet is now live.
OmenX, a prediction trading platform based in Singapore, announced the closure of a multi-million dollar seed funding round. This capital injection supports the launch of its public testnet, which introduces leveraged trading mechanics to the prediction market industry.
The funding round was led by a consortium of venture capital firms, including Paramita VC, Penrose Ventures, and M77 Ventures, with participation from founders of several centralized exchanges.
OmenX aims to address capital inefficiency in the prediction market sector, where users often have to lock up significant liquidity in static positions. The platform integrates perpetual-style mechanics and leverage, similar to those used in cryptocurrency derivatives, allowing for more efficient capital utilization and faster position adjustments. This approach is intended to lower the barrier to entry for users looking to manage global risks and capitalize on market movements.
"OmenX is building the infrastructure to treat global events as a liquid, tradable asset class with institutional-grade leverage," stated James, Founder of OmenX and former Head of Futures at Binance and Bybit.
Following the public testnet launch, OmenX plans to introduce AI-driven forecasting agents. The company intends to launch its mainnet on Base, an Ethereum Layer 2 solution incubated by Coinbase, aiming to ensure institutional-grade security and high-speed execution.