Crypto Prediction Market and Derivatives Platform Veil Shuts Down

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Just after a few months of operation, Veil, a crypto-focused prediction market and derivatives platform are shutting down its shop, as shared by the platform via a Medium post. 

Launched in January, the Veil is a web interface that enabled users to place bets on Augur prediction markets, offering an instant settlement API to pay out on clear outcomes. Paul Fletcher-Hill, the co-founder of the startup wrote in the post: 

“We tried to do too much. Prediction markets are a generalized form of betting, derivatives, insurance, and more. Focused versions of any of these verticals may be better for users than the generalized form.”

The investment studio behind the platform, Hill Street Labs will retain the development team, in plans of announcing a forthcoming project. As of now, Veil advice its users to withdraw their open positions in expired and active markets and to convert their “wrapped” Veil Ether into ETH.

The settlement fees have been removed to make the transition easier, further the company plans to host 45-minute interviews with users over the course of the next month.

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