Crypto.com, a Singapore-based cryptocurrency exchange, is entering the sports event trading sector following the popularity of event contracts during the presidential elections.
Crypto.com revealed on Monday that it is launching a sports event trading platform, its first venture into the field. The exchange’s website and app users around the country can now trade their own predictions on the outcome of sporting events such as 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,” stated Crypto.com co-founder and CEO Kris Marszalek.
“This novel financial product enables users to exchange their predictions for the outcome of a sporting event. It’s a completely new notion in sports, and we’re excited to be the first regulated platform in the United States to provide it to our users.”
See also:
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Crypto.com is now giving its US customers a CFTC-regulated sports event trading product that is similar to Derivatives North America, the company’s own event contract platform.
The end of the NFL season, notably Super Bowl LIX, is expected to attract new customers to Crpyto.com, with geolocation supplier GeoComply reporting 8.5 million active sportsbook accounts over last year’s Super Bowl weekend, a 15% rise year on year.
Crypto.com could face some competition
The cryptocurrency exchange has launched a new sports trading product, as commission-free stock trading platform Robinhood considers joining the sports betting market.
During Robinhood’s Investor Day presentation earlier this month, CEO and co-founder Vladimir Tenev stated that the trading platform is “keenly looking” into sports betting.
The move to enter the sports betting sector comes after Robinhood’s Derivatives product accepted over 100 million contracts for the presidential election.
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