ProphetX partners with EDGE Markets to allow users to deposit up to $1 million per day, catering to sports bettors and prediction market traders.
ProphetX is now a Commodity Futures Trading Commission (CFTC)-regulated prediction market after transitioning from a sweepstakes wagering site. Through the collaboration with EDGE, ProphetX traders who are also EDGE Boost users can make fee-free deposits up to $1 million daily. The partnership seeks to address challenges faced by traders depositing large sums into traditional sportsbooks, including fees, limits, and clearing times.
“These limitations can be particularly inconvenient for traders seeking to move funds during nights, weekends, and live market events,” according to a statement. “The introduction of EDGE Boost into the ProphetX funding rails gives eligible users access to daily deposit limits of up to $1 million, real-time fund movement with no banking-hour restrictions, and a dedicated bank account that separates trading capital from everyday finances.”
EDGE Boost, a Visa debit card for cryptocurrency traders and sports bettors, is becoming popular as credit card funding is restricted by more states and operators in the wagering industry.
Money Never Sleeps
EDGE and ProphetX aim to meet the needs of active traders in the prediction market space by enabling large capital deposits at any time, as the yes/no exchanges are open 24/7.
“The ability to move significant capital onto ProphetX in real time addresses one of the most persistent friction points for active traders,” add the companies. “Nights, weekends, and live market events are exactly when the traditional banking system creates delays. EDGE Connect solves this with FedNow rails that clear funds in near real-time, 24 hours a day, 365 days a year.”
EDGE’s EDGE Pro platform already allows real-time deposits onto CFTC-regulated exchanges, emphasizing its connection to the growth of prediction markets.
Besides ProphetX, EDGE has partnerships with two major prediction market operators.
Investors Backing EDGE, ProphetX
EDGE Markets and ProphetX are benefiting from the current trend where venture investors and market participants show interest in prediction markets.
Last month, ProphetX completed a $35 million funding round with participation from eight venture investors and various proprietary trading firms.
In June, EDGE Markets concluded a $29.2 million Series A funding round led by CoinFund, with four other investors from the seed round also participating.