Crypto.com
$4.23B
has separated its prediction market division into a brand new product known as OG.
The characteristic, first launched in 2024, will now perform as a devoted platform competing with Polymarket and Kalshi.
The brand new app runs on Crypto.com Derivatives North America, which is registered with the Commodity Futures Buying and selling Fee as each an alternate and a clearinghouse. CDNA is a part of Crypto.com, which provides OG a regulated basis on which to function.
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In the meanwhile, OG is restricted to customers in the US. The corporate has not introduced when or if it can develop entry to different areas.
Kris Marszalek, co-founder and CEO of Crypto.com, mentioned that the rising curiosity in prediction markets motivated the launch of a separate platform. In December 2024, the corporate had already launched a “sports activities occasion buying and selling” characteristic for American customers.
In line with Marszalek, the agency has seen sturdy traction within the final half-year. He defined:
We’ve skilled 40x weekly progress in our prediction market enterprise over the past six months. This kind of progress warrants a concerted effort with a standalone platform.
The brand new enterprise can be led by Nick Lundgren, who beforehand served as Crypto.com’s chief authorized officer. Lundgren referred to prediction markets as a “deca-billion greenback trade”.
On January 14, Backpack, a cryptocurrency alternate, launched a non-public beta of its new platform, the Unified Prediction Portfolio. How does it work? Learn the total story.
