Payward Leads $220M Series A for Onyx Odds to Scale Prediction Markets

Quick Summary

Payward has led a Series A funding round for prediction markets platform Onyx Odds, valuing the startup at $220 million. The partnership integrates Onyx with Payward Services' licensed US derivatives stack, enabling embedded crypto trading and institutional-grade infrastructure for sports-based exchange-traded instruments to reach nearly one million users.

How Does Onyx Odds Scale Prediction Markets with Payward?

Onyx Odds leverages prediction markets to allow users to trade sports outcomes as financial instruments. By integrating with Payward Services, Onyx gains immediate access to a fully licensed stack including a CFTC-registered FCM and DCM. This eliminates the need for Onyx to spend years securing individual licenses or stitching together vendors.

• $220M valuation achieved in under two years.
• One million users reached within the first year of operation.
• Embedded crypto trading now available directly within the Onyx app.

What Infrastructure Does Payward Services Provide?

Payward Services acts as the multi-asset infrastructure backbone, providing the same technology that powers the Kraken exchange. This partnership allows Onyx to focus exclusively on product and UX while Payward handles the complex regulatory and operational requirements of derivatives and crypto. This move signals a shift toward unified financial platforms where prediction and traditional trading converge.

"Prediction markets are one of the fastest-growing emerging categories in financial services," said Mark Greenberg, Head of Payward Services. "We are the only US platform that brings a CFTC-registered FCM, a CFTC-designated DCM and a global crypto exchange under one roof, making the full stack available through Payward Services. Onyx is the kind of operator that knows what to do with that foundation, and we're investing to help them scale it."

Why is the $220M Valuation Significant for the Industry?

The valuation reflects the explosive growth of prediction markets as a legitimate asset class. Having raised less than $8M previously, the jump to $220M highlights high user retention and the efficiency of the Onyx model. This investment proves that institutional-grade infrastructure is now the primary differentiator for fintechs looking to dominate the prediction and data marketplace.

"This investment marks a major milestone for Onyx Odds and validates the strength of both our platform and our vision," said Leul Dadi, founder and CEO of Onyx Odds. "Payward brings a deep expertise and allows us to scale more efficiently while continuing to deliver a best-in-class experience for our users."

FF NEWS TAKE:

This deal definitely moves the needle by bridging the gap between prediction markets and regulated financial derivatives. Payward isn't just writing a check; they are providing the regulatory 'moat' that Onyx needs to survive US scrutiny. As sports betting evolves into sophisticated exchange-traded instruments, the winner will be whoever owns the infrastructure. Payward just positioned itself as the landlord of this high-growth sector.