Crypto.com is enhancing its presence in U.S. by launching a sports prediction market & a custody services for cryptocurrency. This demonstrates their belief in the growing sports betting industry.
Crypto.com is making waves in the digital asset market. Recently they have expanded their services in the U.S. market by launching two new projects: a sports betting market and a custody services for cryptocurrency. They intend to strengthen their leader position in both sports betting market as well as digital currency field. These steps are more than expansion; they also shows the company confidence in the U.S. market.
Crypto.com Launches US Custody Service for Institutions
A Strategic Move in North America
On December 23, the platform has announced their expansion in the institutional cryptocurrency custody services in U.S. This platform have been designed to serve high-net-worth individuals and institutions, offering a secured and managed environment for managing crypto assets. U.S. and Canadian customers will switch to this services in upcoming weeks, which will enhance Crypto.com’s commitment to these key markets.
Building Confidence in the US and Canada
CEO, Kris Marszalek, promoted the importance of this step showing company’s confidence in the North America market. Mark told the reporters:
“The US and Canada are two of the most active crypto markets globally, and this step aligns with our broader strategy to grow our business in these regions”
Introducing the Sports Prediction Market
Betting on Sports with Crypto
Crypto.com has also launched a sports betting platform in the United States to engage sports fan. This new feature enables users to put bets on major sports events like Super Bowl. The betters could use various cryptocurrencies such as company’s native Cronos(CRO) token to make their bets.
The platform functions as a CFTC-regulated derivatives trading feature, which allows users to perform simple Yes or No predictions on the results. Crypto.com entered this market in hope to serve the players who have the growing interest and enjoy betting on real-world events.
Why Sports?
Crypto.com has very long connection in sports. They have a major sponsorship in Formula one, UFC & the naming rights to the Crypto.com Arena in Los Angeles. Company’s Chief Communications Officer, Matt David stated:
“Sports have always been a core part of our brand”
This new feature not only expands the platforms appeal to sports fans, but it also increases retail user activity on the platform.
The Growing Popularity of Prediction Markets
A Booming Industry
Polymarket or Kalshi type prediction market have grown in past years. They have made billions of dollars at big events time such as US Elections or major sports events. Polymarket alone managed $3 billion+ in betting at US Presidential Election time. Crypto.com hopes to make profits on this excitement by focusing on sports betting, which is a relatively untapped segment in crypto-based prediction markets.
US Sports Betting on the Rise
According to Statista, the US sports betting industry has grown at an exponential rate, with revenues increasing from $0.48 billion in 2018 to $14.3 billion in 2024. Crypto.com’s entry into this market positions it to capitalize on the trend while also providing crypto enthusiasts with an innovative way to engage with sports.
Crypto.com’s Vision for the Future
A Multi-Pronged Strategy
These initiatives are part of Crypto.com’s overall strategy for dominating the North American market. The introduction of its sports prediction platform and institutional custody service demonstrates its dedication to innovation and growth. These moves follow Crypto.com’s purchase of Watchdog Capital and its decision to collaborate with the incoming US administration to shape favorable cryptocurrency regulations.
Collaboration with Policy Makers
Crypto.com’s CEO recently met with US President-elect Donald Trump to discuss cryptocurrency regulations, indicating that the company intends to align its strategies with emerging regulatory frameworks. Crypto.com’s decision to drop its SEC lawsuit demonstrates its willingness to cooperate and lead in the regulated cryptocurrency space.
Conclusion
Crypto.com’s dual launch of a sports prediction market and custody service is a game changer in both the crypto and sports industries. By combining its crypto strengths with its established sports partnerships, the company expects to attract a diverse user base of institutions, retail traders, and sports fans.
Crypto.com is setting new industry standards by emphasizing innovation, regulation, and user engagement. Whether it’s betting on the Super Bowl or securely storing digital assets, Crypto.com is establishing itself as a leader in the rapidly evolving crypto landscape. The company’s strategic expansions demonstrate its commitment to making cryptocurrencies accessible, exciting, and secure for all.
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