Crypto.com Officially Launches Prediction Market Platform 'OG'

Digital finance platform Crypto.com announced on the 4th that it has officially launched its new prediction market platform, 'OG'.

OG is a prediction market service that allows users to trade on the probable outcomes of a wide range of real-world events—spanning sports, finance, politics, culture and entertainment—distinguished by a consumer-friendly app environment combined with social features. Users can trade prediction contracts tied to various events and compare performance with other participants via leaderboards.

The platform is operated by Crypto.com affiliate Crypto.com Derivatives North America (CDNA). CDNA is a derivatives exchange and clearinghouse registered with the U.S. Commodity Futures Trading Commission (CFTC), and through OG it offers a range of prediction products, including CFTC-regulated sports event contracts. Coverage ranges from sporting events such as the Super Bowl and the NCAA March Madness champion to economic indicators and cultural trends.

OG aggregates and visualizes real-time implied probabilities based on market participants’ trading, and also supports features for exchanging views among users. Going forward, Crypto.com plans to broaden the service into margin-based prediction contracts via its federally licensed futures commission merchant (FCM). The company says it views this as the prediction market industry’s first instance of margin trading.

Kris Marszalek, co-founder and CEO of Crypto.com, said, "We applied the app operating experience and institutional-grade credibility we’ve built even in a complex regulatory environment to the prediction market sector," adding, "With the prediction market business growing 40-fold on a weekly basis over the past six months, we decided to launch a standalone platform."

Nick Lundgren has been appointed CEO of OG. He also serves as Crypto.com’s chief legal officer (CLO) and led the launch of the first CFTC-regulated sports event contracts in the U.S. CEO Lundgren said, "Sports are the most natural core of prediction markets, and OG will provide fans with an all-in-one platform that includes parlays, margin trading, and dynamic social features."

To coincide with the launch, Crypto.com is also running a promotion offering rewards worth up to $500 to the first 1 million sign-ups. It also plans to roll out a VIP program leveraging Crypto.com’s global sports and entertainment partnerships. OG will debut in the U.S., with plans to expand to global markets.