Key Notes
- Crypto.com will offer sports events trading to all states in America to enable a seamless adoption of digital assets and web3 platforms.
- The launch of a sports events trading service will enhance the adoption of Cronos (CRO), which has been attempting macro bullish recovery.
Crypto.com, a top-tier cryptocurrency exchange with more than 100 million globally registered users, has announced the launch of a new product for US customers. According to the announcement on Monday during the mid-New York session, Crypto.com exchange has launched the first-ever sports event trading product to enable its US customers to participate in the prediction market.
The new product by Crypto.com will focus on enabling users to predict the outcome of a sports event, including basketball and the Super Bowl. The cryptocurrency exchange received a green light from the US Commodity Futures Trading Commission (CFTC) to launch the sports prediction platform.
Both users of the Crypto.com and Crypto.com app around the United States can make a sports prediction with a simple yes or no decision and stand a chance to win $100 for each correct event. Notably, users can trade with the US dollar or convert to supported crypto assets to trade the sports prediction.
“Sports Events Trading offers an entirely new platform for US users to engage nationwide at Crypto.com and in the Crypto.com app. This unique financial product allows users to trade their predictions on the outcome of a sports event. It’s a fundamentally new concept for sports, and we’re thrilled to be the first regulated platform in the US to offer it to our users,” Kris Marszalek, co-founder and CEO of Crypto.com, noted.
Market Impact of the Latest Product for Crypto.com
The launch of a sports prediction service will play a huge role in onboarding more users to the web3 space in the long haul. The tangible success of prediction.com, which leverages the decentralized blockchain technology to provide users with a unique way of adopting web3, has undeniably influenced other companies. Furthermore, prediction.com played a major role in the recently concluded US election, which saw a pro-crypto US president victory.
In the recent past, Crypto.com has unveiled several products, including the launch of up-down options and strike options, the first CFTC-regulated crypto derivatives product.
Following the continued product launches, Cronos
CRO
$0.16
24h volatility:
5.4%
Market cap:
$4.39 B
Vol. 24h:
$35.36 M
, a layer one project focused on democratizing smart contracts, has attracted more on-chain activities.
In the past 24 hours, CRO tokens pumped over 4.2 percent to trade at about 16 cents at the time of this writing. From a technical analysis standpoint, the mid-cap altcoin, with a fully diluted valuation of about $4.7 billion and a daily average traded volume of around $33 million, rebounded from a crucial support level in preparation for the anticipated alt season to reach a new all-time high soon.
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