Crypto.com has launched an innovative trading feature enabling U.S. users to speculate on sports event outcomes.
This feature, available on both the Crypto.com app and website, is set to debut with the highly anticipated Super Bowl.
The platform introduces a regulated sports event trading option under the oversight of the Commodity Futures Trading Commission (CFTC).
Users can engage in simple yes/no contracts tied to major sports events, ensuring a compliant and secure trading environment.
By leveraging its CFTC-regulated status, Crypto.com enhances credibility while providing a straightforward mechanism for users to trade on event outcomes.
At launch, the trading platform focuses solely on the Super Bowl, the NFL’s championship game.
Users can select their predictions from a list of probabilities associated with competing teams.
The streamlined interface simplifies participation, making it accessible for seasoned traders and sports enthusiasts alike.
To celebrate this launch, Crypto.com has announced a promotional campaign running from 23 December 2024 to 13 January 2025.
Ten thousand users across the U.S. stand a chance to win $100 worth of the Cronos Crypto Basket, a curated collection of cryptocurrencies.
Additionally, new users who sign up using a referral code will receive $10 in CRO tokens after completing their first sports trade, with an equivalent reward granted to their referrer.
This initiative aligns with Crypto.com’s broader strategy of integrating cryptocurrency into mainstream culture.
Earlier this year, the company ramped up sponsorship deals with high-profile sports organisations, including Formula One, the Ultimate Fighting Championship, and the Australian Football League.
These efforts have significantly boosted Crypto.com’s visibility, with its user base surpassing 100 million as of spring 2024.
Chief Marketing Officer Steven Kalifowitz noted that the company’s focus on sports sponsorships has amplified its market presence.
Kalifowitz told Bloomberg News in May:
“Our visibility has risen dramatically since we started devoting our marketing efforts to the sporting world.”
The timing of the launch, just before the holiday season and leading up to one of the year’s most-watched sporting events, positions Crypto.com to capitalise on heightened user engagement.
By tying the platform’s debut to the Super Bowl, the company strategically taps into the fervour surrounding this marquee event to introduce its trading innovation.
As cryptocurrency seeks broader acceptance, Crypto.com’s foray into sports event trading could play a pivotal role in its adoption.
The move comes amidst record-breaking market highs, with Bitcoin recently surpassing $108,000.
Industry experts, however, caution that regulatory clarity remains essential for sustained growth.
Tony McLaughlin, Head of Emerging Payments at Citi Services, remarked,
“The main barrier to widespread stablecoin adoption outside of the crypto ecosystem is the lack of regulatory frameworks.”
By introducing a sports event trading product under the CFTC’s purview, Crypto.com demonstrates a commitment to compliance while offering users a unique way to engage with cryptocurrencies and sports.
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