Crypto.com has launched an innovative trading feature enabling U.S. users to speculate on sports event outcomes.
This feature, available on both the Crypto.com app and website, is set to debut with the highly anticipated Super Bowl.
The platform introduces a regulated sports event trading option under the oversight of the Commodity Futures Trading Commission (CFTC).
Users can engage in simple yes/no contracts tied to major sports events, ensuring a compliant and secure trading environment.
By leveraging its CFTC-regulated status, Crypto.com enhances credibility while providing a straightforward mechanism for users to trade on event outcomes.
At launch, the trading platform focuses solely on the Super Bowl, the NFL’s championship game.
Users can select their predictions from a list of probabilities associated with competing teams.
The streamlined interface simplifies participation, making it accessible for seasoned traders and sports enthusiasts alike.
To celebrate this launch, Crypto.com has announced a promotional campaign running from 23 December 2024 to 13 January 2025.
Ten thousand users across the U.S. stand a chance to win $100 worth of the Cronos Crypto Basket, a curated collection of cryptocurrencies.
Additionally, new users who sign up using a referral code will receive $10 in CRO tokens after completing their first sports trade, with an equivalent reward granted to their referrer.
This initiative aligns with Crypto.com’s broader strategy of integrating cryptocurrency into mainstream culture.
Earlier this year, the company ramped up sponsorship deals with high-profile sports organisations, including Formula One, the Ultimate Fighting Championship, and the Australian Football League.
These efforts have significantly boosted Crypto.com’s visibility, with its user base surpassing 100 million as of spring 2024.
Chief Marketing Officer Steven Kalifowitz noted that the company’s focus on sports sponsorships has amplified its market presence.
Kalifowitz told Bloomberg News in May:
“Our visibility has risen dramatically since we started devoting our marketing efforts to the sporting world.”
The timing of the launch, just before the holiday season and leading up to one of the year’s most-watched sporting events, positions Crypto.com to capitalise on heightened user engagement.
By tying the platform’s debut to the Super Bowl, the company strategically taps into the fervour surrounding this marquee event to introduce its trading innovation.
As cryptocurrency seeks broader acceptance, Crypto.com’s foray into sports event trading could play a pivotal role in its adoption.
The move comes amidst record-breaking market highs, with Bitcoin recently surpassing $108,000.
Industry experts, however, caution that regulatory clarity remains essential for sustained growth.
Tony McLaughlin, Head of Emerging Payments at Citi Services, remarked,
“The main barrier to widespread stablecoin adoption outside of the crypto ecosystem is the lack of regulatory frameworks.”
By introducing a sports event trading product under the CFTC’s purview, Crypto.com demonstrates a commitment to compliance while offering users a unique way to engage with cryptocurrencies and sports.
Crypto.com faces backlash for reissuing 70 billion CRO tokens once declared permanently burned, sparking allegations of manipulation. Analyst ZachXBT claims the exchange misled users and controls most of CRO’s supply, raising trust concerns. Is this profit-driven or truly community-driven, as the CEO insists?
CatherineTrump Media has partnered with Crypto.com to launch ETFs featuring digital assets and US securities. Crypto.com will act as the broker, supporting the initiative alongside World Liberty Financial's crypto strategy. But is this another overreach?
CatherineFantom Foundation secured a default judgement against Multichain Foundation, marking a crucial step in their pursuit of justice after suffering significant losses from a July 2023 exploit. With plans to petition for bankruptcy, Fantom aims to appoint a liquidator to aid in asset recovery efforts, urging affected users to actively engage in legal proceedings for potential refunds.
WeatherlyCrypto.com, the global cryptocurrency platform, has received a Virtual Assets Service Provider (VASP) Licence for specific virtual asset services from Dubai's Virtual Assets Regulatory Authority (VARA). This milestone underscores the company's commitment to regulatory compliance and cross-border risk assurance.
JoyWhy Crypto AI is the most exciting underdog opportunity for investors and builders today.
JinseFinanceChain abstraction, artificial intelligence, opportunities for the combination of AI and Crypto Golden Finance, from a technical perspective, can chain abstraction solve the fragmentation problem?
JinseFinanceGemini recently secured preliminary approval from Singapore’s central bank, MAS, to offer some of its services in the country.
XingChiThe meme market seems to be facing a collapse, and the market's anxiety is spreading again. What's the reason? The lack of new narratives, the investors are smart, and all went to blue chip NFT.
JinseFinanceLong-termist seems to be a very unpopular word at the moment, because most people in the circle are pursuing "opportunities to get rich quickly" and "immediate wealth feedback."
JinseFinanceArtificial Intelligence, Grayscale, Grayscale: Crypto x AI Project Overview How Crypto Can Achieve Decentralized AI Golden Finance, The AI Era Is Coming, Crypto Can Enable AI to Develop Correctly
JinseFinanceThe core value of Crypto is the value transmission network. In order to realize this core value, it requires a different computer architecture. The computer attribute of Crypto is a tool, and the network attribute is the purpose.
JinseFinanceExplore the various subsections within the Crypto x AI ecosystem: compute, AI agents, coprocessors, and more.
JinseFinanceAs part of this migration, Crypto Unicorns users can expect all transactions associated with the platform to be free, leveraging the already cost-effective gas on the XAI network.
AlexJinseFinance
