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This platform will compete against Polymarket, although it will focus on a specific niche.
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It will be a regulated platform to be able to operate in the United States.
Bitcoin (BTC) and cryptocurrency exchange Crypto.com announced an exclusive partnership with entertainment site Hollywood.com to launch a new market prediction products.
The offer will focus on entertainment industry eventssuch as results from movies, award ceremonies and television shows.
According to the official statement, event contracts will be offered by Crypto.com Derivatives North Americaan entity affiliated with the exchange that is registered as a designated contract exchange and derivatives clearing organization with the United States Commodity Futures Trading Commission (CFTC).
This partnership will allow Hollywood.com users to access prediction contracts and make trades based on their opinions on industry developments.
“As prediction markets continue to grow (…), we partnered with a leading entertainment media company to offer clients a new way to interact,” said Travis McGhee, Managing Director of Global Capital Markets at Crypto.com.
For his part, Mitchell Rubenstein, Co-CEO of Hollywood.com, highlighted that the platform seeks to differentiate itself from prediction markets focused on sports or politicsfocusing exclusively on entertainment. «We’re creating a whole new way for fans to engage with the content they’re passionate about,» he said.
NoticiasVE has reported how Polymarket dominates the cryptocurrency betting industry, although the entertainment niche is not its strong point.
Contract prices will be updated in real timeallowing users to react to industry events. Products will be available and promoted through Hollywood.com platforms.