Singapore-based cryptocurrency exchange Crypto.com is entering the sports event trading market following the popularity of event contracts during the presidential election.
Crypto.com announced on Monday that the cryptocurrency giant is launching a sports event trading product marking the company’s first foray into the sports event trading industry. The exchange is allowing its website and app users across the country to trade their own predictions on the outcome of sports events, including Super Bowl LIX.
“Sports event trading offers an entirely new platform for U.S. users to engage nationwide at Crypto.com and in the Crypto.com app,” said Crypto.com co-founder and CEO Kris Marszalek. “This unique financial product allows users to trade their prediction 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 U.S. to offer it to our users.”
Crypto.com is offering its U.S. users a CFTC-regulated sports event trading product that mirrors Derivatives North America, the company’s proprietary event contract platform.
The end of the NFL season, particularly Super Bowl LIX, is poised to bring new users to Crpyto.com with geolocation provider GeoComply recording 8.5 million active sportsbook accounts throughout last year’s Super Bowl weekend, a 15% increase year-over-year.
Crypto.com could have some competition
The cryptocurrency exchange has launched its new sports trading product as commission-free stock trading platform Robinhood is considering entering the sports betting industry. Kalshi has been offering sports-related event contracts for a while.
During Robinhood’s Investor Day presentation earlier this month, CEO and co-founder Vladimir Tenev said the trading platform is “keenly looking” into the sports betting space.
The consideration of entering the sports betting market comes after Robinhood’s Derivatives product accepted over 100 million contracts for the presidential election.
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