Crypto.com Launches Sports Prediction Market in the US

Crypto.com, a leading cryptocurrency exchange, has rolled out a sports prediction market in the US, offering a new way for traders to engage with the world of sports.

Introduction

Crypto.com has announced the launch of its sports prediction market, allowing users to bet on the outcome of real-world events using digital assets. This move comes as the company continues to expand its offerings to cater to a growing crop of crypto traders who want to wager on real-world events.

Background

Since the rise of digital assets, there has been an increasing trend among traders to engage in prediction markets, particularly in the US. This surge in popularity has led to the growth of new platforms like Polymarket and Kalshi, which offer users the opportunity to bet on real-world events using digital assets.

The Launch

On Monday, Crypto.com launched its sports prediction market, starting with the Super Bowl, also known as “The Big Game.” The platform allows users to bet on one of the NFL teams still in the hunt for the season-ending playoffs.

How it Works

US-based Crypto.com customers can bet on sports events using any digital asset supported by the trading platform, including the exchange’s native Cronos token. The debut of the sports betting offering coincides with the launch of Crypto.com’s US trust company, which provides custody services for customers in the US and Canada.

Prediction Markets Rise

Digital asset holders have increasingly flocked to prediction markets like Polymarket and Kalshi to bet on real-world events in recent months, especially after the US election stoked speculative fervor among traders.

Facts and Figures

US-based trading platform Kalshi notched $132 million in betting volume on the US presidential election alone, getting a big boost in deposits after launching support for USDC last month. Meanwhile, Polymarket recorded a record $3.6 billion in trading volume related to the 2024 US elections.

Crypto.com’s Sports Platform

Crypto.com’s sports platform is starting with the Super Bowl, advertised as “The Big Game” on the site, with users able to bet on one of the NFL teams still in the hunt for the season-ending playoffs.

Conclusion

Crypto.com’s launch of its sports prediction market marks an exciting development in the world of digital assets, offering a new way for traders to engage with the world of sports. As the platform continues to grow, it will be interesting to see how it performs and whether it can attract a large following.

FAQs

Q: What is Crypto.com’s sports prediction market?

A: Crypto.com’s sports prediction market is a new offering that allows users to bet on the outcome of real-world events using digital assets.

Q: What events can I bet on?

A: The platform is starting with the Super Bowl, but it will expand to include other events in the future.

Q: What digital assets can I use to bet?

A: US-based Crypto.com customers can bet on sports events using any digital asset supported by the trading platform, including the exchange’s native Cronos token.

Q: Is the sports prediction market available to all users?

A: No, the sports prediction market is currently available only to US-based customers.

Q: How does the sports prediction market work?

A: The platform allows users to bet on the outcome of real-world events using digital assets. The debut of the sports betting offering coincides with the launch of Crypto.com’s US trust company, which provides custody services for customers in the US and Canada.

Q: What is the future of Crypto.com’s sports prediction market?

A: The company plans to expand the platform to include more events in the future, but no specific timeline has been announced.