Onyx Odds, a prediction market app that lets users bet on sports results, raised $20 million in a Series A round led by Payward, the parent of crypto exchange Kraken.
Onyx Odds was valued at $220 million in the funding.
As part of the investment, Onyx Odds will link with Payward Services, a B2B infrastructure platform that supports Kraken and Payward’s product suite. Crypto trading functions are also set to be integrated into the Onyx app.
In prediction markets, Kalshi and Polymarket are leading the sector as aggressive marketing boosts awareness. Kalshi recently raised $1 billion and was valued at $22 billion. Crypto exchanges including Coinbase and Gemini are also entering prediction markets, and Meta is pushing to launch its own prediction market feature.
Chi-gyu Hwang
delight@d-today.co.kr