Despite only this week being pulled from the Nevada gaming market for offering sports prediction markets in the state, Crypto.com has now partnered with Truth Social to offer its product on the platform.
Truth Social is a social media platform owned by Trump Media, which also owns streaming site Truth+ and fintech brand Truth.Fi. With the partnership, Truth Social will become the first social media platform to integrate prediction markets.
Users will be able to trade contracts on a range of sectors, including political elections, inflation rates, the price of oil and sports events. These will be available under the Truth Predict segment of the platform. Real-time price updates will keep users informed of prices.
Crypto.com's events contracts are CFTC-regulated and federally compliant. This is despite many states, including Nevada, banning sports predictors, citing them as a form of sports betting.
Kalshi, which itself has Donald Trump Jr as a Strategic Ambassador, has made the majority of the headlines on this matter, having received cease-and-desist orders from the likes of New Jersey, Ohio, Illinois and Maryland. However, attention turned to Crypto.com earlier this week when the Nevada Gaming Control Board called the platform to cease activities it deemed to be a form of wagering.
On its partnership with Truth Social, Crypto.com Co-Founder and CEO Kris Marszalek said: "Prediction markets are poised to be a multi-deca-billion dollar industry. Crypto.com has quickly become one of the most trusted providers of prediction market services, and we're thrilled to combine with Truth Social to support the world's first prediction markets available from a social media platform. This aligns perfectly with what users look for in social media - a community to engage with and seek truth."
Trump Media Chairman and CEO Devin Nunes added: "We are thrilled to become the world's first publicly traded social media platform to offer our users access to prediction markets. Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions...
"For too long, global elites have closely controlled these markets - with Truth Predict, we're democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight."
Underdog recently entered the US predictions market in partnership with Crypto.com
