MyPrize Becomes First Sweepstakes Company to Enter Prediction Markets
Introduction to MyPrize’s New Venture
MyPrize, a prominent sweepstakes operator, is making waves by stepping into the prediction markets arena. This move is powered through a new partnership with the trusted crypto-asset platform Crypto.com, marking a pioneering advancement for sweepstakes in this fast-growing sector.
Expansion into Prediction Markets
MyPrize has established a strong foothold in the US social casino market and is now branching out into prediction markets, a rapidly emerging area of entertainment. Leveraging expertise from Crypto.com’s Derivatives North America (CDNA) — a registered exchange and clearinghouse — MyPrize is launching “MyPrize Markets,” a platform where users can engage in both sweepstakes and prediction markets.
Offering a Diverse Range of Market Contracts
The new MyPrize Markets platform caters to users interested in various event predictions including sports, political events, and cryptocurrency trends. By combining the thrill of sweepstakes with the strategic nature of prediction markets, MyPrize aims to enhance user engagement and tap into trending entertainment formats.
Addressing Regulatory Challenges and Accessibility
Even though sweepstakes and prediction markets face regulatory scrutiny in certain US states, their popularity continues to grow significantly. MyPrize Markets will be accessible on both desktop and mobile devices, serving customers both in the United States and internationally through its websites.
Leadership Insights on the Collaboration
Zach Bruch, MyPrize’s founder and CEO, expressed enthusiasm for the collaboration, highlighting the intention to deliver enjoyable and interactive experiences. He emphasized that the partnership would also enhance social features, live streaming, and community interaction on the platform.
Crypto.com also receives high praise from MyPrize’s leadership for its robust and reliable infrastructure, making it an obvious choice for this joint venture.
From Crypto.com’s perspective, Travis McGhee, Managing Director and Global Head of Capital Markets, spoke about the convergence of live social platforms and financial markets, stating that this collaboration positions both companies at the forefront of innovation in prediction market products.
Recent Related Partnerships
This alliance follows Crypto.com’s recent partnership with Hollywood.com, further illustrating the company’s commitment to expanding its reach into varied digital entertainment sectors.
