A newcomer to the prediction market space, MyPrize, has rapidly ascended, achieving profitability within its first year of operation. Launched in the summer of 2024, the platform quickly gained traction, attracting over a million users eager to test their foresight.
Fueling this growth was a substantial $21 million funding round finalized in July, establishing a valuation cap of $250 million for the company. This influx of capital allowed MyPrize to pursue ambitious partnerships, ultimately leading to a collaboration with a major player in the crypto world.
MyPrize’s CEO and founder, Zach Bruch, expressed excitement about the partnership, envisioning a future filled with expanded prediction markets. These will encompass a diverse range of events – from the thrill of sports to the volatility of cryptocurrency, and beyond – all accessible to its growing user base.
The core of the collaboration centers on leveraging the infrastructure of Crypto.com, recognized for its robust capabilities in handling institutional and enterprise-level operations. This synergy promises to deliver a unique product offering and seamlessly integrate billions in trading volume into the MyPrize Markets.
This isn’t Crypto.com’s only recent venture into the prediction market arena. The company has also forged a partnership with Trump Media, the brand behind Truth Social, to introduce a new feature called “Truth Predict.”
Truth Predict will empower Truth Social users to engage in trading contracts based on a wide spectrum of outcomes, including sporting events and commodity price fluctuations. A key advantage will be real-time pricing, adding a dynamic element to the experience.
Devon Nunes, chairman and CEO of Trump Media, hailed the move as a groundbreaking step, positioning Truth Social as the first publicly traded social media platform to offer prediction markets. The ambition is clear: to provide users with a novel and engaging way to interact with current events.
A beta launch of Truth Predict is imminent, with plans for a full rollout across all 50 states contingent on a successful trial period. Should the initial phase prove fruitful, Trump Media has its sights set on a global expansion of the service.
