As a seasoned crypto investor with over a decade of experience under my belt, I find the latest move by Crypto.com to be a game-changer. Having closely followed the development and evolution of prediction markets, I am particularly intrigued by this new sports event trading product.
Starting today, Crypto.com, a leading cryptocurrency exchange boasting over 100 million users worldwide, is introducing a brand-new service for American customers. This innovative product allows US clients of Crypto.com to engage with the prediction market by participating in sports events trading for the very first time.
The new product by Crypto.com will focus on enabling users to predict the outcome of a sports event, including basketball and the Super Bowl. The cryptocurrency exchange received a green light from the US Commodity Futures Trading Commission (CFTC) to launch the sports prediction platform.
Users of both the Crypto.com platform and app within the U.S. have an opportunity to make straightforward yes/no predictions about sports events, potentially winning $100 for each correct event. It’s worth mentioning that users can choose to trade using US dollars or exchange to various supported cryptocurrencies for their sports prediction trades.
Crypto.com’s Sports Events Trading presents a fresh avenue for American users to participate in sports events on a national scale within the Crypto.com app. This innovative financial tool empowers users to wager their predictions about sports event outcomes. It represents a groundbreaking approach to sports, and we’re excited to lead as the first regulated platform in the US offering this experience,” Kris Marszalek, co-founder and CEO of Crypto.com, expressed.
Market Impact of the Latest Product for Crypto.com
Introducing a sports forecasting platform built on blockchain technology is likely to significantly boost user adoption of the decentralized internet (web3) over time. The thriving example of Prediction.com, which utilizes this technology to offer users an innovative means of embracing web3, has left a lasting impact on other businesses in the industry. Additionally, during the recent U.S. election, Prediction.com played a pivotal role in electing a pro-crypto president.
More recently, Crypto.com has introduced various offerings, such as the debut of up-down and strike options, marking their entry into the realm of CFTC-regulated cryptocurrency derivative products.
Recently, Cronos (CRO), a blockchain project dedicated to making smart contracts accessible for all, has seen an increase in on-chain activity. This digital asset currently trades at $0.16, with a 24-hour volatility of 5.6%. The market capitalization stands at a substantial $4.43 billion, and over the last 24 hours, a volume of $35.42 million has been exchanged.
Over the last 24 hours, CRO tokens have surged by more than 4.2%, currently trading at approximately 16 cents. From a technical perspective, this mid-tier cryptocurrency, valued at around $4.7 billion and averaging daily trades of around $33 million, bounced back from a critical support point as it gears up for the expected altcoin season to potentially hit a new record high soon.
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2024-12-24 01:39