Crypto.com is set to power a new prediction market that will focus on all things Hollywood, the exchange announced on November 3. Crypto.com has partnered Hollywood.com, which is an entertainment publication based in Florida, U.S. to capitalize on the building hype around prediction markets such as Kalshi and Polymarkets.
Under the new partnership, the event contracts will be offered by Crypto.com to customers through Hollywood.com, official statement announcing the partnership said.
“Prediction markets continue to grow and be part of a customer’s trading and investment strategy,” said Travis McGhee, Managing Director, Global Head of Capital Markets at Crypto.com. “Entertainment fans are some of the most passionate consumers and we look forward to providing them a new, legal prediction market specifically tailored to them.”
Prediction markets essentially let users trade contracts related to the potential outcomes of future events. The collective result forecast from the crowd reflects the market prices of these tradeable contracts. Winning contract traders can churn out profits from these platforms.
This upcoming entertainment-focussed predictions market will let users bid on Hollywood movies, broadway shows, TV programmes, artists, and award shows. The prices on related contracts will be updated in real time, the announcement claimed.
“The success of prediction markets demonstrates the massive appetite for trading on the outcome of future events. We’re creating an entirely new way for fans to engage with the content they’re passionate about,” said Mitchell Rubenstein, co-CEO of Hollywood.com.