Prediction market platform Underdog partners with zerohash for cryptocurrency deposit integration
Launching in the latter part of this year, the additional payment method will enable qualified Underdog participants to deposit cryptocurrencies at any time of day.
Through a collaboration with cryptocurrency infrastructure solutions provider zerohash, prediction market platform Underdog will roll out support for cryptocurrency and stablecoin deposits, with this additional payment capability scheduled to go live in the coming months of this year.
Qualified participants on the platform will gain the ability to deposit funds into their accounts directly via the Underdog application using compatible digital currencies, with the functionality engineered to facilitate nearly instantaneous transactions available 24/7, as detailed in an announcement released on Thursday.
The company declined to identify which specific cryptocurrencies or stablecoins would receive support and had not provided a response to Cointelegraph's inquiry seeking additional details prior to the time of publication.
This cryptocurrency deposit functionality will serve as a complement to the platform's current deposit mechanisms, which encompass debit and credit card options, Apple Pay integration and traditional bank transfer services. Platform participants will be relieved of the requirement to handle wallet addresses manually or choose between different blockchain networks during the deposit process.
Established in 2020, the Underdog platform has amassed a user base exceeding 11 million registered accounts, as reported by IG Group, the entity that entered into an agreement this past July to purchase the company through a transaction valued at as much as $1.3 billion. The acquisition is projected to reach completion in the final months of 2026 or the initial quarter of 2027.
Based on information compiled by DeFiRate data, Underdog processed $1.4 billion in total trading volume throughout the 30-day window concluding on Oct. 21, representing a 133% growth compared to the preceding measurement period, although this figure still trailed significantly behind Kalshi's substantial $81.5 billion and the aggregate $17.2 billion figure generated across Polymarket's US-based and international platform operations.