Underdog Integrates Zerohash for Crypto Deposits on Prediction Markets
Vexoda Newsroom
Prediction market platform Underdog is partnering with infrastructure provider Zerohash to enable crypto and stablecoin deposits, aiming for 24/7 funding options. This move could expand user access an
Prediction market operator Underdog has announced a significant partnership with cryptocurrency infrastructure firm Zerohash. This collaboration is set to introduce the capability for users to deposit digital assets, including cryptocurrencies and stablecoins, directly onto the Underdog platform. The new funding mechanism is anticipated to launch later this year, expanding the payment options beyond traditional methods like debit cards, credit cards, Apple Pay, and bank transfers.
The integration aims to provide eligible Underdog users with a seamless and efficient way to fund their accounts. The service is designed to facilitate near-instantaneous transfers at any time of the day, offering a level of convenience often sought by active traders. While specific cryptocurrencies and stablecoins to be supported have not yet been detailed, the focus is on making digital asset deposits accessible without requiring users to manage complex wallet addresses or navigate different blockchain network selections.
Underdog, founded in 2020, has experienced substantial growth, amassing over 11 million registered accounts. The platform is currently in the process of being acquired by IG Group, a deal valued at up to $1.3 billion, with the transaction expected to be finalized by late 2026 or early 2027. This strategic partnership with Zerohash arrives at a time when Underdog recorded significant trading volume in the 30 days leading up to October 21st, marking a 133% increase, though it still trails behind major competitors in the prediction market space.
The introduction of cryptocurrency deposits is a strategic move to cater to a growing segment of users who prefer or already utilize digital assets for transactions. Zerohash, as a specialized infrastructure provider, plays a crucial role in enabling such integrations, likely handling the complexities of blockchain transactions and regulatory compliance. This partnership aims to streamline the deposit process, making it as straightforward as existing fiat-based methods for the end-user.
This development is particularly relevant for the prediction market industry, which often attracts users familiar with the digital asset ecosystem. By enabling crypto deposits, Underdog can potentially attract a broader user base and increase trading activity on its platform. It also reflects a broader trend of traditional financial services and platforms adopting cryptocurrency as a legitimate funding and transaction method, further bridging the gap between decentralized finance and mainstream applications.
Looking ahead, traders and market observers will be keen to see which specific digital assets will be supported and how this new funding option will impact Underdog's user acquisition and overall trading volume. The success of this integration could set a precedent for other prediction markets looking to leverage the growing adoption of cryptocurrencies. Monitoring the user experience and any potential regulatory implications will be key in assessing the long-term impact of this partnership.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.