Crypto.com Launches First Sports Prediction Trading Product for US Customers
Crypto.com, a leading cryptocurrency exchange with over 100 million registered users globally, has launched a new product for US customers: the first-ever sports event trading platform. This announcement occurred during the mid-New York session on Monday. The platform allows users to participate in a prediction market for various sports events, including basketball and the Super Bowl. The US Commodity Futures Trading Commission (CFTC) authorized this initiative.
Users of Crypto.com and the Crypto.com app can make predictions on sports outcomes with a simple yes or no choice, earning $100 for each correct prediction. Transactions can be conducted using US dollars or converted into supported cryptocurrencies.
Kris Marszalek, co-founder and CEO of Crypto.com, stated, “Sports Events Trading offers an entirely new platform for US users to engage nationwide at Crypto.com and in the Crypto.com app. This unique financial product allows users to trade their predictions on the outcome of a sports event. It’s a fundamentally new concept for sports, and we’re thrilled to be the first regulated platform in the US to offer it to our users.”
Market Impact of the Latest Product for Crypto.com
The introduction of a sports prediction service is expected to significantly onboard more users into the web3 space. The success of prediction.com, which utilizes decentralized blockchain technology for user engagement, has influenced other firms. Prediction.com also played a notable role in the recent US election, contributing to the victory of a pro-crypto US president.
Recently, Crypto.com has introduced several products, including up-down options and strike options, marking the first CFTC-regulated crypto derivatives product.
In addition, Cronos (#CRO), a layer one project focused on democratizing smart contracts, has seen increased on-chain activity following these product launches. In the past 24 hours, CRO tokens rose by over 4.2%, trading at approximately 16 cents. From a technical perspective, this mid-cap altcoin, with a fully diluted valuation around $4.7 billion and a daily average traded volume of about $33 million, rebounded from a critical support level, positioning itself for a potential alt season and aiming for a new all-time high soon.