Crypto.com Introduces Innovative Sports Trading Feature in the U.S.

United States, marking a significant step in the evolution of cryptocurrency-based financial products. This innovative offering allows s to predict and trade on sports outcomes, starting with the Super Bowl, through the Crypto.com platform and mobile app.

A New Approach to Sports Event Trading

In a press release, Crypto.com CEO Kris Marszalek expressed enthusiasm for the launch, emphasizing its uniqueness in the regulated U.S. market. “This unique financial product allows s 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 s,” Marszalek said.

The platform operates similarly to event contracts in cryptocurrency markets and is offered through Crypto.com | Derivatives North America. This entity is regulated by the Commodity Futures Trading Commission (CFTC), ensuring compliance with U.S. laws and providing a secure trading environment for s.

Crypto.com’s foray into sports trading leverages its deep connection with sports enthusiasts across the U.S. The company has made substantial investments in sports partnerships, including acquiring the naming rights to the Crypto.com Arena in Los Angeles.

Matt David, a spokesperson for the company, highlighted the brand’s alignment with sports culture, stating, “Sports have been an important part of our brand, from F1 to UFC to the Crypto.com Arena, and this is a great opportunity to engage those sports fans on the Crypto.com app.”

Initially, the platform allows s to trade predictions for the Super Bowl, enabling them to place bets on NFL teams advancing in the playoffs. s can utilize any digital assets ed by Crypto.com, including its native cryptocurrency, Cronos (CRO).

Targeting an Expanding Market

The launch aligns with the growing interest in prediction markets and sports betting among cryptocurrency enthusiasts. Platforms like Kalshi and Polymarket have seen increasing adoption, particularly during high-profile events like U.S. elections. Despite this growth, sports betting remains underexplored within these markets, creating an opportunity for Crypto.com to capture a new audience.

The U.S. sports betting industry has experienced explosive growth, with revenues surging from $0.48 billion in 2018 to $14.30 billion in 2024, according to Statista. By introducing sports event trading, Crypto.com aims to blend cryptocurrency trading with the booming sports betting sector.

This new feature reflects Crypto.com’s broader strategy of innovation and regulatory compliance. The company recently launched a U.S. trust entity to offer custody services for s in the United States and Canada, strengthening trust. Additionally, Crypto.com has introduced other regulated financial products, including UpDown Options and Strike Options, while expanding payment options to include PayPal.

By bridging the gap between cryptocurrency and sports betting, Crypto.com is carving out a unique space in the market, blending entertainment with financial innovation.

Source:

”Crypto.com Launches First Regulated Sports Event Trading Platform in U.S.”, World Casino Directory. December 24, 2024.