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Crypto.com gets into prediction markets through High Roller tie-up
TL;DR
Crypto.com has partnered with High Roller Technologies to enter the prediction markets sector, competing with firms like Kalshi and Polymarket. The agreement allows Crypto.com to launch event-based prediction markets for US users through a CFTC-registered exchange.
Key points
- Crypto.com partners with High Roller Technologies
- Launch of event-based prediction markets for US users
- Competition with Kalshi and Polymarket
- CFTC-registered exchange involvement
- High Roller CEO emphasizes market potential
Crypto.comHigh Roller TechnologiesKalshiPolymarket
Crypto.com has signed a definitive agreement with online casino company High Roller Technologies as part of the cryptocurrency exchange’s move into prediction markets in a challenge to companies like Kalshi and Polymarket.
In a Tuesday notice, High Roller said the deal with Crypto.com would allow the crypto exchange to launch “an event-based prediction markets offering” to US-based users. The notice emphasized that the event contracts would be offered via CDNA, a Commodity Futures Trading Commission (CFTC)-registered exchange, at a time when US state gaming authorities are cracking down on prediction markets.
“We believe this partnership gives us a strong starting position in a market with meaningful long-term potential, and we’re confident in our ability to deliver,” said High Roller CEO Seth Young.
Source: Crypto.com
Crypto.com’s move into prediction markets was the latest example of a crypto exchange attempting to enter what could become a $1 trillion market by 2030. Binance integrated similar features on its wallet app last week through Predict.fun.
Related: Polymarket bets removed from Google News after brief appearance: Report
High Roller’s (ROLR) stock price on the NYSE American more than doubled following the announcement, to $10.77 from $5.20.
While the CFTC and prediction markets like Kalshi have claimed in court that federal commodities laws preempt state gaming laws, the companies continue to face legal challenges in multiple jurisdictions. Cointelegraph sought a comment from High Roller but did not receive an immediate response.
Q&A
What is the significance of Crypto.com's partnership with High Roller Technologies?
The partnership enables Crypto.com to launch event-based prediction markets, positioning it against competitors like Kalshi and Polymarket.
How will Crypto.com's prediction markets operate in the US?
Crypto.com's prediction markets will be offered through CDNA, a Commodity Futures Trading Commission (CFTC)-registered exchange, allowing compliance with US regulations.
Who is the CEO of High Roller Technologies and what did he say about the partnership?
Seth Young is the CEO of High Roller Technologies, and he expressed confidence in the partnership's potential to succeed in the prediction markets.
