“Creating a new financial market today is just as difficult as five hundred years ago” — Joey Krug
By Reem AlShammari
Joey Krug, Draper University, Spring 2019
Stagnation in financial market evolution was the main theme of Joey Krug’s talk at Draper University. Joey, who began programming his Apple II GS at the age of 12 at Knoxville, Illinois, is now building the world’s first decentralized prediction market platform — Augur, and is the co-CIO for one of the largest investment firms focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency — Pantera Capital. He also founded Beam, an end-to-end crypto payments solution that focuses on the development of applications and payment technology designed to create user trust and ensure broad financial inclusion; co-founded a top ranked AngelList syndicate; and serves as an advisor to a number of projects such as TIon, 0x, doc.ai, and Numerai — to name some of his achievements.
During his time at Draper, Joey spoke about the significant amount of intermediation that still takes place in financial markets today. While the financial sector has seen major growth in areas such as transaction execution, execution speed and online user interfaces, finance hasn’t really gone through a revolution that brought about any drastic change. Consequently, Joey worked on establishing the Forecast Foundation: a not-for-profit corporation whose goal is to build open-source, public forecasting tools called ‘Prediction Markets’. His vision was to provide users globally the ability to create their own type of instruments, contracts or agreements. With the launch of the platform, anyone, anywhere, can launch their own events and bet on them. This also allows the platform to create a higher level of liquidity and volume, as well as a diversity of topics not typically covered by traditional prediction markets. Beyond trading, Augur also solves a key problem by moving “real world information” onto Ethereum’s blockchain in a secure manner where results can’t be altered.
For Joey Krug, it was clear there is an undeniable dream that’s alive today. As Draper Heroes, Joey is an example of how we should really strive to build the future of tomorrow.