Crypto.com launches its first sports trading product

Crypto.com, the popular cryptocurrency exchange, has launched a new initiative dubbed "sports." The platform touted this as its first sports event trading product in an email to the media, including Casino Guru News.

Crypto.com wants you to "bet" on sports

The new product was announced on Monday, December 23, and is made available to users in the United States who are using the Crypto.com website and Crypto.com app anywhere in the country.

Users may participate in the offer and trade their predictions on outcomes for sporting events, including the Super Bowl, which is expected to draw a huge crowd of cryptocurrency enthusiasts who are also sports buffs.

Commenting on this release, the company said that it was confident that its product was a legitimate step forward for the firm, not least because it holds the necessary licenses from some top-heavy regulators.

"While the first product of its kind, the sports event trading product is similar to other event contracts on cryptocurrency offered by Crypto. com-Derivatives North America, a CFTC-regulated exchange," the official press statement of the firm announcing the developments said.

The company is also promoting the official roll out of its sports prediction markets with a special $1-million prize pool which is payable out in the Cronos Crypto Basket when you first sign up for Crypto.com and place your first Sports trade.

Crypto.com is similarly interested in making sure that its name is associated with sports events and venues. The Staples Center in Los Angeles was renamed to the Crypto.com Arena on December 25, 2022, as part of a multi-million deal seeking to further boost the reach of the platform and establish it firmly in the sport world.

Crypto.com seeks to put its mark on the world of sports

The company has also sponsored Formula One’s Miami Grand Prix since 2022 and continues to work on a variety of partnerships with sports organizations, such as the Ultimate Fighting Championship, the Australian Football League, and the Philadelphia 76ers, an NBA franchise.

Commenting on the latest development, Crypto.com CEO Kris Marszalek said that Sports Events Trading is an entirely new platform for users in the United States to engage with both the Crypto.com website and the Crypto.com app.

"It’s a fundamentally new concept for sports, and we’re thrilled to be the first regulated platform in the US to offer it to our users," Marszalek said.

Image credit: Crypto.com