Crypto.com, the famous crypto-exchange, has also ventured into betting, launching the new Sport Event Trading feature in the USA. It is a prediction market in the style of Polymarket, but it is regulated in the United States by the CFTC.
Crypto.com and betting in the USA with its Sport Event Trading platform
Just before Christmas, Crypto.com launched a new Sport Event Trading feature, which allows traders to bet on the outcomes of sports events like the Super Bowl.
https://twitter.com/cryptocom/status/1871182271069528362
The new feature of Crypto.com is in the style of Polymarket, the famous prediction markets platform, also given that it offers traders a direct Yes/No decision, based on the belief that a sports event will occur.
The difference with Polymarket, however, is that Sport Event Trading is already available in the USA on the app and website of Crypto.com.
This happens because the new function is under Crypto.com | Derivatives North America, which is subject to regulatory oversight in the United States by the Commodity Futures Trading Commission (CFTC).
Crypto.com and the betting feature in the USA in Polymarket style
Following its blog post, Sports Event Trading is described as a fully collateralized trading product.
To be able to trade, it is necessary to have sufficient funds in your Fiat USD Wallet. Alternatively, you can use Crypto Funding to instantly convert your preferred cryptocurrency into USD for trading. This feature currently supports all over 350 tokens available on the Crypto.com App and Web, including BTC, ETH, and CRO.
The strategy of Crypto.com aims to capture a share of the prediction market, made famous especially by Polymarket during the American presidential elections.
Even Elon Musk, CEO of Tesla and owner of X, praised Polymarket and betting platforms, including crypto, rather than political polls.
Speaking of sporting events, then, Polymarket has already generated over 1 billion dollars for the betting pool on which team will win the next Super Bowl in February 2025.
In any case, the story of Polymarket in the USA is not so rosy, given that in mid-November, the federals raided the home of the platform’s CEO, Shayne Coplan. No arrests or explicit charges, but they did seize Coplan’s phone and all electronic devices. Basically, the FBI in the United States is investigating the company to understand if it allowed US users to access its betting site.
The strategic partnership with Deutsche Bank for Asia-Pacific
Returning to Crypto.com, in mid-December, the famous crypto-exchange announced its strategic collaboration with Deutsche Bank.
At stake is the request for support to succeed in improving its corporate banking services in three key Asia-Pacific (APAC) markets: Singapore, Australia, and Hong Kong.
Specifically, the experience and reliability gained by Deutsche Bank could help Crypto.com to tackle the regulatory and operational challenges in the emerging APAC markets.
