MyPrize teams up with Crypto.com for combined social gaming and prediction markets platform

Social gaming business MyPrize has announced a strategic partnership with Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse and an affiliate of Crypto.com, to launch MyPrize Markets. The launch is described as "a first-of-its-kind product" allowing users to access social gaming and prediction markets in one unified platform. 

The launch of MyPrize Markets comes as prediction markets transition from niche finance to mainstream use, aiming to bring that model to social gaming audiences.

Unified social gaming and prediction platform

MyPrize Markets will allow users to participate in markets covering sports, politics, cryptocurrency, and other events, integrated directly with MyPrize’s livestreaming and community features. The platform will be available on both web and mobile devices through MyPrize.us and MyPrize.com, accessible in the United States and internationally.

Founder and CEO Zach Bruch said the company is working with Crypto.com to introduce new prediction products “like sports, events, crypto, and more” to its user base of “over 1 million” players. “Together we will lean in and deliver fun and engaging experiences for our players and bring major enhancements to the social, livestreaming content, and community engagement that the MyPrize platform fosters,” he said.

Bruch added that MyPrize selected Crypto.com after assessing the infrastructure capabilities of several firms. “After exploring the market, it quickly became obvious to us that Crypto.com has by far the market-leading infrastructure for institutional and enterprise scale,” he said. “Together we will be able to deliver this first-of-its-kind product offering to all of MyPrize’s users and onboard our billions in volume into the MyPrize Markets product.”

Infrastructure and regulatory integration

CDNA’s infrastructure will support the prediction market functions while MyPrize retains control over the interface and user experience. Crypto.com said the partnership connects financial-market infrastructure with live social platforms.

“We are seeing a massive change in how financial markets are converging with other products,” said Travis McGhee, Managing Director and Global Head of Capital Markets at Crypto.com. “We have been at the forefront of the convergence of crypto with TradFi. Now, we are at the forefront of a similar convergence with live social platforms and financial markets with our partner, MyPrize.”

McGhee said the partnership will make MyPrize “the first integrated app allowing users to access markets, gaming, livestreaming, and social all in one application.”

Founded in 2016, Crypto.com serves global users and describes itself as committed to accelerating the adoption of cryptocurrency. Its affiliate CDNA is registered with the CFTC as both a designated contract market and a derivatives clearing organization.

MyPrize describes itself as a free-to-play social gaming and “social markets” platform offering multiplayer experiences with creators, streamers, and friends. The company holds SOC 2 Type 1 certification and applies institutional-grade security standards.