Onyx Odds, a prediction markets app where users can wager on sports outcomes, said it has raised $20 million in a Series A round led by Payward, parent company of cryptocurrency exchange Kraken, the companies said Wednesday.
This new round of funding comes "less than two years after launch, and less than one year after coming out of beta," they also said in a statement. Onyx Odds was valued at $220 million during this round of financing.
Onyx Odds will face stiff competition in the prediction markets space, as leaders Kalshi and Polymarket have already established some level of dominance and name recognition, thanks in part to aggressive marketing. Kalshi recently hit a $22 billion valuation after raising $1 billion.
Several crypto exchanges, including U.S.-based Kraken competitors Coinbase and Gemini, have launched prediction market offerings as they look to expand into derivatives and other forms of betting. Meta, which oversees the biggest social media empire in the world by operating Facebook, Instagram and WhatsApp, is also targeting a launch of its own prediction markets capabilities.
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