Crypto.com has launched its own independent prediction markets platform, OG, offering bettors event contracts registered under the Commodity Futures Trading Commission (CFTC) and an exclusive $500 rewards offer to the first one million users.
“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,” Crypto.com Co-Founder and CEO Kris Marszalek said.
“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.”
OG will be powered by Crytpo.com and Derivates North America (CDNA), a CFTC-registered exchange and clearinghouse serving as an affiliate of Crypto.com, and include event contracts on sports, entertainment, finance, politics, culture and entertainment.
OG will also provide access to CDNA’s margin prediction contracts offering through Crypto.com’s federally licensed futures commission merchant, representing the first prediction markets platform to offer margin trading.
Crypto.com Chief Legal Officer Nick Lundgren was named OG CEO as part of the launch, having also previously served as CDNA President.
Lundgren spoke on the new appointment, having said, “Crypto.com was the first company to offer federally licensed sports prediction contracts in the United States, so launching OG is very fitting.
“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.”
Crypto.com stated OG will be headquartered in the US and initially focused on the US market, but also confirmed plans to expand globally “in the near future.”
High Roller Technologies entered into a binding letter of intent with Crypto.com and Derivatives North America on January 14, forming an exclusive partnership to launch a prediction markets product in the US
