Crypto.com’s Managing Director of Sports and Prediction Markets Chris Fargis has announced his departure from the position after just under a year at the company.
After steering the department through the explosive growth phase of prediction markets during the past year, Fargis has now confirmed that he will be seeking new challenges in the sector.
Speaking via LinkedIn, he stated: “I’ve decided to step away from my role at Crypto.com and begin a new chapter. I’m grateful for the opportunity and proud of what our team accomplished – growing from zero to $300m in weekly volume over the course of a year.
“I’m exploring a few different directions and really enjoying learning about what folks in the space are cooking up. Reach out if you’re building something fun and think there may be an opportunity for us to collaborate.”
Indeed, this latest announcement follows the departure of Crypto.com’s former Chief Legal Officer Nick Lundgren in April, reiterating that he maintained “full confidence” in Crypto.com’s legal team. Also in April, High Roller announced that it would be launching event-based prediction market offerings via partnership with Crypto.com.
More recently, the platform also partnered with FanDuel to help expand the operator’s own prediction market offerings.
More broadly, the prediction market sector has seen a number of key regulatory updates make the news over the past week. Primarily, the state of North Carolina unveiled new regulation that recognized the Commodity Futures Trading Commission’s ‘exclusive’ regulatory jurisdiction over the sector, imposing a 6% on all trading profits.
Elsewhere, Gibraltar today announced that it would be introducing a full regulatory framework for prediction markets – marking a world first.
Crypto.com celebrates its 10-year company anniversary this year
