Crypto.com spins out OG prediction markets app as monthly volumes top $17 billion ahead of Super Bowl

Crypto.com is spinning off its rapidly growing prediction markets business into a new standalone consumer platform named OG, focusing initially on U.S. users. This move comes as prediction markets experience surging interest, with combined monthly volumes on leading platforms like Kalshi and Polymarket reaching nearly $17.5 billion in January, up from about $2 billion in August. OG will operate under Crypto.com’s U.S. derivatives arm, which is registered with the CFTC, and Nick Lundgren, Crypto.com’s chief legal officer, will serve as CEO. The platform will initially feature contracts on financial, political, cultural, and entertainment events, with plans to introduce margin and leveraged trading, which would be a first for federally regulated U.S. prediction markets, pending regulatory certification. Sports outcomes are a major driver in this sector, accounting for 80% to 95% of daily volumes on Kalshi.

(Source：The Block)