Onyx Odds raises $20M led by Kraken parent Payward
What's the deal? Sports prediction app Onyx Odds has closed a $20 million round led by PaywardDealroom has a profile for this one. Try Dealroom →, the parent company of crypto exchange KrakenDealroom has a profile for this one. Try Dealroom →.
The deal values the startup at $220 million post-money. Onyx Odds said the funds will go toward product expansion and market growth.
Why now? Onyx Odds is broadening beyond sports predictions into other trading-related products.
The round deepens a push to merge prediction markets with trading tools — an area drawing growing investor interest.
What could go wrong? The company has not detailed how it will spend the new cash.
Prediction markets also face an uncertain regulatory landscape, which could complicate expansion plans.
The signal: Kraken's parent backing a prediction app shows crypto firms hunting for growth beyond trading.
As prediction markets and trading converge, expect more crossover bets from established exchanges.
Read more: Cointime
Image credit: Jim Makos
