Novig has announced it will “accelerate” the development of its peer-to-peer prediction markets platform following the entity's latest Series B funding round which brought its total capital raised to over $105m.
Novig plans to use the new capital to “deepen product innovation” and expand its team to more than 50 personnel, including operators, engineers and traders focused on developing prediction market infrastructure and transparency features.
The platform offers a peer-to-peer sports trading experience where bettors compete against one another while utilizing an order-book model to provide market-driven odds.
"Our mission is to democratize and financialize sports markets, and we're proud of the fact that Novig users are 10 times more likely to win than on traditional sportsbooks," Novig Co-Founder and CEO Jacob Fortinsky said.
"We chose to partner with the best crypto venture firms in the world to further accelerate our plans to make Novig the most efficient and liquid sports prediction market in the world. Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists."
The sports trading platform recently closed on a $75m Series B funding round led by Pantera Capital and submitted an application to the Commodity Futures Trading Commission (CFTC) in hopes of becoming a licensed designated contract market (DCM) in all 50 US states.
Novig Co-Founder and CTO Kelechi Ukah also spoke on the new capital, having said, "Novig combines the cultural heartbeat of sports with the transparency and efficiency of prediction markets.
“Most prediction market volume today is on sports, yet those platforms weren't built with sports or sports bettors in mind. We are delivering a better exchange that is built by sports traders, for sports traders.”
Novig stated the new capital will also help to extend its presence to additional US markets, provide deeper liquidity and look to form advanced trading tools “prupose-built” for sports traders.
Crypto.com launched an independent prediction markets platform, OG, offering bettors event contracts registered under the CFTC and an exclusive $500 rewards offer to the first one million users
