Crypto.com has announced the debut of its pioneering sports event trading product in the United States, marking a significant milestone for the cryptocurrency trading platform. This innovative feature enables users to predict and trade outcomes of sports events, starting with the Super Bowl, directly through the Crypto.com platform and app.
A new era for sports event trading:
CEO Kris Marszalek expressed enthusiasm about this launch in the company’s press release, highlighting its uniqueness in the regulated U.S. market. “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,” Marszalek said.
This product, which operates similarly to event contracts on cryptocurrency markets, is offered through Crypto.com | Derivatives North America, a platform regulated by the Commodity Futures Trading Commission (CFTC). This ensures compliance and security for U.S.-based traders.
The sports prediction platform debuts as part of Crypto.com’s strategy to capitalize on its strong connection with sports fans across the U.S. The company has previously invested heavily in sports partnerships, including securing naming rights for the Crypto.com Arena in Los Angeles.
Matt David, a company spokesperson, emphasized the brand’s alignment with sports culture. “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,” David noted.
To start, users can trade predictions for the Super Bowl, where bets can be placed on NFL teams advancing in the playoffs. This feature also allows users to utilize any digital assets supported by Crypto.com’s platform, including its native Cronos token.
Capitalizing on a growing market:
The launch of the sports trading product comes amid a surge in prediction markets and betting on real-world events among digital asset holders. Platforms like Kalshi and Polymarket have gained traction, particularly during high-profile events such as the U.S. presidential election. However, sports betting remains an underexplored segment in these markets, presenting an opportunity for Crypto.com to fill the gap.
The U.S. sports betting industry continues to grow exponentially, with revenues climbing to $14.30 billion in 2024, compared to just $0.48 billion in 2018, according to data from Statista. By integrating sports event trading into its offerings, Crypto.com positions itself as a leader in connecting the worlds of cryptocurrency and sports betting.
Additionally, Crypto.com recently launched a U.S. trust company to provide custody services for users in the United States and Canada, reinforcing its commitment to regulatory compliance and enhanced user trust.
This latest move builds on Crypto.com’s broader strategy of product innovation. The platform previously introduced CFTC-regulated derivatives like UpDown Options and Strike Options and has expanded its payment options to include PayPal.
