We're excited to announce our lead investment in Onyx Odds' Series A funding round. The round values Onyx Odds at $220 million less than two years after launch, and less than one year after coming out of beta.

Onyx Odds enables users to engage with sports outcomes through exchange-traded instruments, offering a new, market-driven way to participate in sports markets. Founded in 2025, the company has quickly attracted a dedicated and growing community of users, underscoring its momentum across the broader prediction and data marketplace.

As part of the investment, Onyx Odds will integrate with Payward Services, the B2B infrastructure platform behind Kraken and Payward's wider product suite. It will power Onyx's prediction markets offering on our fully licensed US derivatives stack and embed crypto trading inside the Onyx app. The single integration gives Onyx the foundation to extend its lead in prediction markets without spending years assembling vendors, licenses and operational capabilities itself.

The raise follows a period of strong momentum for Onyx Odds, driven by user engagement and retention. With nearly a million users, industry-leading retention has made Onyx one of the largest prediction platforms within its first year, having raised less than $8M in venture funding prior to this round.

"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."

For Payward, the investment marks a significant step into prediction markets and reinforces its position as a multi-asset infrastructure platform, freeing partners to focus on product and user experience instead of stitching together a patchwork of vendors, licenses and capabilities.

"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."