Crypto.com Enters Prediction Market

Crypto.com aims to enter the prediction market popularized by Polymarket during the U.S. presidential election.

The cryptocurrency exchange is launching its own prediction platform, allowing U.S. users to bet on the outcomes of sporting events. Similar to Polymarket, users can place bets on which team will win events like the NFL Super Bowl.

> “Sports Event Trading is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web,” the company stated in a blog post. “It presents you with a straightforward Yes/No decision based on whether you believe an outcome of a sporting event will occur.”

Polymarket processed over $3 billion in bets during the U.S. presidential election, with a French national winning nearly $80 million by betting on Donald Trump. As of Monday, Polymarket had generated over $1 billion in wagers on the next Super Bowl scheduled for February.

Earlier this year, Crypto.com increased its market share in the U.S., competing primarily with Kraken and Coinbase. By introducing the sports event trading platform, Crypto.com is seeking to capitalize on the rising popularity of prediction markets to enhance retail user engagement.

> “Sports have been an essential part of our brand from F1 to UFC to the Crypto.com Arena,” said Matt David, Chief Communications Officer.