Source: Fortune
Summary
Gate, a cryptocurrency exchange, has launched Event Contracts Builder, a tool allowing businesses to integrate prediction market features into their apps. The service, part of Gate DexBuilder, aims to reduce tech development costs. Jason Fung, head of Gate DexBuilder, said companies can quickly add prediction market functionality without building infrastructure. The tool follows Gate’s earlier integration of Polymarket Builder, which it claims was the first of its kind. Gate also announced a $3 million grant program to support developers creating event contracts.
Our Reading
The numbers tell one story.
Gate is expanding into prediction markets with a white-label tool.
It’s competing with Polymarket, a former partner.
The company is offering grants to developers.
It’s a familiar move: enter a trend, then build a business around it.
Author: Evan Null
Gate’s New Play
Gate, a crypto exchange based in Panama, is entering the prediction market space with a new tool called Event Contracts Builder. The service is part of Gate DexBuilder, the company’s decentralized-exchange infrastructure platform. Gate is targeting brokers, Web3 apps, and trading platforms looking to add prediction market features without building their own infrastructure.
The tool was launched in August and is open to a range of businesses. Jason Fung, head of Gate DexBuilder, said the service allows companies to integrate prediction market functionality quickly without significant tech investment. This aligns with a broader trend of businesses seeking to incorporate forecasting tools into their products.
Gate’s move comes as prediction markets grow in popularity. Platforms like Kalshi and Polymarket are leading the industry, and their data is being used by consumer-facing businesses. Gate itself previously partnered with Polymarket, integrating its prediction market tools into its own platform. That experience helped shape Gate’s new offering.
Fung said Gate was the first exchange to integrate Polymarket Builder, a tool that lets exchanges and apps offer Polymarket’s prediction markets. This led to the development of Gate’s own Event Contracts Builder. The company is now competing with its former partner, offering similar tools to businesses.
In addition to the new tool, Gate has launched a $3 million grant program to support companies developing event contract products. The funding is entirely from Gate and aims to cover development costs. Selected builders may also receive technical assistance, marketing support, and media promotion. The program is still in its early stages, with Gate reviewing its first group of applicants.
From Gaming to Crypto
Before entering the crypto space, Jason Fung worked in media and entertainment, focusing on gaming. He held roles at companies like BroadbandTV and Azubu while living in Canada. Later, he moved to China and worked for tech giants such as Alibaba and ByteDance, where he contributed to projects involving TikTok Global.
Fung entered the crypto industry during the 2021–22 boom and bust period. He worked on Web3 projects but found them short-lived. After that, he transitioned to more established roles, working for the layer 1 Sei Foundation and AP Finance, the U.S. arm of Bybit.
In July, Fung joined Gate to help expand the globally distributed exchange. The 13-year-old company has offices in Hong Kong, Japan, Dubai, and Malta, as well as a North American entity called Gate U.S.
Fung’s background in gaming and tech has influenced his approach at Gate. His experience with large companies and platforms has helped shape the company’s strategy as it enters the prediction market space.
Gate’s expansion into prediction markets is part of its broader push to offer more infrastructure tools to businesses. The company is positioning itself as a provider of decentralized-exchange solutions, with a focus on helping other platforms integrate advanced features without heavy development costs.
Gate’s Strategy in the Prediction Market
Gate’s new tool, Event Contracts Builder, is designed to help businesses integrate prediction market features into their apps. The service is part of Gate DexBuilder, a decentralized-exchange infrastructure platform. The tool allows companies to add prediction market functionality without having to build their own infrastructure from scratch.
This approach is in line with a growing trend in the tech industry, where companies seek to offer modular tools that can be easily integrated into existing products. Gate’s move reflects a broader shift toward offering infrastructure solutions that reduce development costs for businesses.
The company’s decision to enter the prediction market comes as the space continues to grow. Platforms like Kalshi and Polymarket are leading the industry, and their data is being used by a range of consumer-facing businesses. Gate is now positioning itself as a competitor in this space.
Fung said that Gate’s experience with Polymarket helped shape the development of Event Contracts Builder. The company previously integrated Polymarket Builder, a tool that allows exchanges and apps to offer Polymarket’s prediction markets. This experience gave Gate the insight needed to create its own offering.
Gate is also offering a $3 million grant program to support developers building event contract products. The funding is intended to help cover development costs and includes technical assistance, marketing support, and media promotion. The program is still in its early stages, with Gate reviewing its first group of applicants.
Gate’s Market Positioning
Gate is positioning itself as a provider of decentralized-exchange infrastructure tools. Its new Event Contracts Builder is aimed at businesses looking to integrate prediction market features into their products. The tool allows companies to add these features without building their own infrastructure, which reduces development costs and time.
This strategy is part of a broader effort by Gate to expand its offerings beyond traditional crypto trading. The company is looking to provide more value to businesses by offering tools that can be easily integrated into existing platforms. This approach is similar to other tech companies that offer modular solutions to their customers.
Gate’s move into prediction markets is also a response to the growing popularity of these platforms. As more businesses look to incorporate forecasting tools into their products, Gate is positioning itself as a key player in this space. The company is competing with established players like Kalshi and Polymarket, which have already gained significant market share.
Fung said that Gate’s experience with Polymarket helped shape the development of Event Contracts Builder. The company previously integrated Polymarket Builder, a tool that allows exchanges and apps to offer Polymarket’s prediction markets. This experience gave Gate the insight needed to create its own offering.
Gate is also offering a $3 million grant program to support developers building event contract products. The funding is intended to help cover development costs and includes technical assistance, marketing support, and media promotion. The program is still in its early stages, with Gate reviewing its first group of applicants.
Gate’s Future in the Prediction Market
Gate’s entry into the prediction market space marks a strategic shift for the company. By offering Event Contracts Builder, Gate is positioning itself as a provider of infrastructure tools that help businesses integrate prediction market features into their products. This approach allows companies to save time and resources by avoiding the need to build their own infrastructure from scratch.
The company’s decision to enter this space is driven by the growing demand for prediction market tools. As more businesses seek to incorporate forecasting features into their apps, Gate is positioning itself as a key player in this emerging market. The company is competing with established players like Kalshi and Polymarket, which have already gained significant traction.
Gate’s experience with Polymarket has been instrumental in shaping its new offering. The company previously integrated Polymarket Builder, a tool that allows exchanges and apps to offer Polymarket’s prediction markets. This experience gave Gate the insight needed to develop its own tool, Event Contracts Builder.
In addition to the new tool, Gate has launched a $3 million grant program to support developers building event contract products. The funding is intended to help cover development costs and includes technical assistance, marketing support, and media promotion. The program is still in its early stages, with Gate reviewing its first group of applicants.
Gate’s expansion into the prediction market reflects its broader strategy to provide more value to businesses through infrastructure solutions. The company is looking to establish itself as a key player in this space, offering tools that help businesses integrate advanced features without the need for significant development resources.
