Crypto.com has launched a new sports-focused prediction markets platform offering customers margin trading.
Crypto.com’s new platform, OG, is the first prediction markets platform to offer margin trading to customers and promises sports fans access to a comprehensive range of CFTC-regulated sports event contracts.
OG will also offer event contracts across financial, political, cultural, and entertainment events.
“Crypto.com successfully built one of the largest brands and best app experiences in cryptocurrency during a period of hypergrowth amid a complex regulatory landscape, and now we will work to replicate this experience with OG in the prediction market space,” said Kris Marszalek, co-founder and chief executive of Crypto.com.
“We’ve experienced 40x weekly growth in our prediction market business over the last six months. This type of growth warrants a concerted effort with a standalone platform. Our goal is to establish OG as the premier sports prediction market technology with the best customer experience.”
Crypto.com has appointed Nick Lundgren to serve as CEO of OG while continuing in his existing role as chief legal officer of Crypto.com.
“Crypto.com was the first company to offer federally licensed sports prediction contracts in the United States, so launching OG is very fitting,” said Lundgren. “We have tremendous momentum and expertise to establish OG as a market leader for consumers in this deca-billion-dollar industry and have had excellent success with our prediction markets partners.
“Sports are the natural hub of prediction markets, and we see a massive opportunity to provide fans with an all-encompassing platform where it pays to be right. I am thrilled to be leading OG and establishing this new era of prediction markets that will include parlays, margin trading, and a dynamic social layer.”
OG will be available in the United States initially, with plans to expand globally in the near future.