$215.49 -0.60%
ETH · 10w

Veil Prediction Markets Shutting down

Veil, a peer-to-peer prediction markets and derivatives platform built on top of Augur, 0x and Ethereum, is shutting down just six months after its launch.

Paul Fletcher-Hill, Veil co-founder and CEO, announced the news on Friday in a Medium blog post, stating that no new markets will be added to the platform. Users can trade in existing markets until July 24, and after that, it will continue to host the Veil product at least until Augur v2 launches.

Veil was designed to make Augur’s platform accessible to the mainstream audience, which enables users to create and trade prediction markets on a variety of topics from sports, to elections, to crypto prices.

Giving the reasons for the failure, Fletcher-Hill said, Veil “didn’t offer a good onboarding experience,” and that it wasn’t “decentralized or regulated,” among other issues.

The CEO has, therefore, recommended Veil users to redeem all their open positions in expired markets and withdraw any positions in active markets, as well as to withdraw their Veil ether and convert it to ether.

The Veil team and company, however, will continue to work on “higher impact products and services,” Fletcher-Hill said, adding that Predictions.Global explorer, which Veil acquired earlier this year, will also continue.

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