Payward, which owns the crypto exchange Kraken, is expanding into the prediction market industry by leading a funding round for the sports prediction platform Onyx Odds. This Series A investment values Onyx Odds at $220 million and shows that crypto companies are seeing prediction markets as a big business opportunity. The partnership will let Onyx Odds use Payward’s regulated trading infrastructure and crypto services as it grows into new markets.
The official announcement says Onyx Odds has gained nearly one million users in its first year, even though it raised less than $8 million before this latest funding round.
Onyx Odds offers exchange-style markets where users can trade contracts tied to sporting events. This gives people an alternative to traditional sports betting platforms.
Under the agreement, Onyx Odds will connect with Payward Services, the institutional platform that supports Kraken and other Payward businesses. This integration gives Onyx immediate access to Payward’s regulated derivatives infrastructure, licensing, and crypto trading features without having to build them from scratch.
For Payward, this investment is a strategic step into one of the fastest-growing areas in financial technology. Prediction markets have grown beyond just elections and sports in the past year and are now used to forecast economic data, financial markets, and other real-world events.
Mark Greenberg, Head of Payward Services, said prediction markets are quickly becoming a key part of modern financial infrastructure. He also pointed out Payward’s unique regulatory position, since the company runs regulated futures, derivatives, and crypto businesses all under one organization.
Despite the sector’s rapid growth, regulatory challenges continue to mount across the United States.
Earlier this month, Kentucky Attorney General Russell Coleman filed lawsuits against Kalshi and Polymarket, claiming their event-based contracts are illegal sports betting and unlicensed gambling under state law.
At the federal level, some US lawmakers have asked the Federal Trade Commission (FTC) to look into whether prediction market operators clearly disclose risks and accurately describe their regulatory status.
These developments highlight the uncertain regulatory environment for prediction markets. Investors are starting to see them as a new financial asset class, but regulators are still debating whether they should be treated as financial instruments, gambling products, or something entirely new.
For Payward and Onyx Odds, this is a big opportunity. Still, the industry’s long-term success will likely depend as much on clear regulations as on new technology and user adoption.
We’ve closed our Series A funding round valuing Onyx at $220M, led by @krakenfx parent @Payward
This investment will help bring exciting new products to our users. pic.twitter.com/amT1pErruh
— Onyx (@OnyxOdds) June 24, 2026
📣@OnyxOdds is integrating with @PaywardServices — one connection to a fully licensed US derivatives stack, crypto trading embedded, no vendor patchwork.
The foundation to scale right away, without spending years building it. https://t.co/O53iu173e0
— Payward (@Payward) June 24, 2026
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