Crypto.com Debuts Sports Event Trading Product

Crypto.com has introduced what it calls the first-ever sports event trading product.

The new offering, dubbed “Sports” and announced Monday (Dec. 23) in an email to PYMNTS, lets American users of Crypto.com and the Crypto.com app nationwide to take part in and trade their own prediction on the outcome of sporting events, including the Super Bowl.

“While the first product of its kind, the sports event trading product is similar to other event contracts on cryptocurrency offered by Crypto.com-Derivatives North America, a CFTC-regulated exchange,” the company said.

As part of the launch, the company is offering users a chance to win a share of $1 million — paid out in the Cronos Crypto Basket — when they sign up for a Crypto.com account and making their first Sports trade.

“What’s more, if you successfully register for a Crypto.com App account with your friend’s referral code or link, both you and them will receive $10 of CRO after your first Sports Event Contract trade is complete,” the company said.

Earlier this year, Crypto.com said it was looking to increase its sponsorships of sports teams to reach non-crypto enthusiasts.

The company has sponsored Formula One’s Miami Grand Prix since 2022, acts as the global sponsor for Formula One, and has partnerships with the Philadelphia 76ers, the Ultimate Fighting Championship and the Australian Football League.

Chief Marketing Officer Steven Kalifowitz told Bloomberg News in May that his company’s visibility has risen since it began devoting its marketing efforts to the sporting world, with Crypto.com user-based exceeding 100 million people this spring.

The company’s new project comes amid efforts to make crypto a more attractive payment method for consumers as the sector hits record highs, with bitcoin, the most popular cryptocurrency, topping $108,000 last week.

“Businesses should clearly communicate the steps involved, including which cryptocurrencies are accepted and any applicable fees,” PYMNTS wrote last month. “Offering educational resources or support channels can ease customer adoption.”

As crypto adoption grows, remaining abreast of regulatory changes is also something that could be vital for consumers and merchants.

“The main barrier to widespread stablecoin adoption outside of the crypto ecosystem is the lack of regulatory frameworks,” Tony McLaughlin, head of emerging payments at Citi Services, told PYMNTS last month.