TLDR
- Crypto.com has launched OG, a standalone prediction market platform focused on sports, finance, politics, and entertainment events.
- The platform will offer CFTC-regulated sports event contracts and allow margin trading on prediction contracts for the first time.
- The first one million users to sign up for OG will receive up to $500 in rewards as part of its launch promotion.
- OG aims to replicate Crypto.com’s success in the cryptocurrency space by offering a similar user experience and platform growth.
- Nick Lundgren, Crypto.com’s Chief Legal Officer, will serve as CEO of OG and lead the platform’s growth in the prediction market industry.
Crypto.com has officially launched a new prediction market platform called OG, just days before the Super Bowl. The platform will offer regulated sports event contracts along with predictions on financial, political, cultural, and entertainment events. It aims to be the first platform to provide margin trading on prediction contracts, enhancing its appeal to users.
OG Prediction Market Platform to Offer CFTC-Regulated Contracts
The OG platform will feature prediction markets that are fully regulated by the Commodity Futures Trading Commission (CFTC). The platform will launch with a range of markets, including sports events like the Super Bowl, along with other sectors such as finance and entertainment. Sports events are expected to be a major draw for users, as OG aims to provide an all-encompassing platform for fans to engage in predictions.
Crypto.com sees the launch of OG as a natural extension of its growth in the prediction market business. The company has experienced 40x growth in its prediction market sector over the past six months. This surge in activity prompted the need for a standalone platform to better cater to its growing user base.
Crypto.com’s Co-Founder and CEO, Kris Marszalek, expressed confidence in OG’s potential. “Crypto.com successfully built one of the largest brands and best app experiences in cryptocurrency. Now, we will replicate this experience with OG in the prediction market space,” he said. The launch of OG comes at a pivotal time as the CFTC prepares to introduce new rules for prediction markets in the United States.
Nick Lundgren, who currently serves as Crypto.com’s Chief Legal Officer, will lead OG as CEO. He previously played a key role in the acquisition of Crypto.com’s CFTC-registered exchange and clearinghouse, which led to the creation of OG. Lundgren emphasized the vast opportunity prediction markets present, calling it a “deca-billion dollar industry.”
Exclusive Rewards and Partnerships for Early Adopters
OG will reward its first one million users with up to $500 in rewards. The platform will also offer exclusive access to experiences through Crypto.com’s established sports partnerships. These include deals with organizations like UFC, Formula 1, and the UEFA Champions League. OG plans to leverage these relationships to build a loyal user base and strengthen its position in the market.
The launch of OG comes ahead of the Super Bowl, one of the most widely viewed sports events globally. By offering prediction contracts for such high-profile events, Crypto.com aims to capture the attention of a diverse audience. As it rolls out its services, OG will initially focus on the U.S. market, where it has the backing of its CFTC-registered exchange.
OG’s debut marks a significant milestone in Crypto.com’s expanding presence in the prediction market space. The company is committed to providing users with an engaging, secure, and regulated platform.
