ProphetX Traders Can Deposit Up to $1M Daily Through EDGE Markets Partnership

ProphetX is teaming up with EDGE Markets, a financial technology (fintech) company catering to sports bettors and prediction market traders, to permit users of the platform to deposit as much as $1 million per day. ProphetX imagery. The company is partnering with EDGE Markets to allow traders to deposit up to $1 million per day. (Image: ProphetX/Getty) ProphetX, which is bolstering its business-to-business (B2B) footprint, was once a sweepstakes wagering site and now operates as a Commodity Futures Trading Commission (CFTC)-regulated prediction market. Through the partnership with EDGE, ProphetX traders that are also EDGE Boost users can make no-fee deposits around the clock at up to $1 million on a daily basis. The companies see the partnership alleviating some of the burdens of large-scale deposits into traditional sportsbooks, including fees, transaction limits and clearing wait 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 is a Visa debit card aimed at cryptocurrency traders and sports bettors and it’s gaining popularity in the wagering realm as more states and operators prohibit use of credit cards as account funding tools. Money Never Sleeps EDGE and ProphetX are attempting to fill a void in the prediction market space: Some active traders need to deposit large sums of capital and they want to do so at odd hours because 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 permits real-time deposits onto CFTC-regulated exchanges where event contracts change hands, confirming the privately held fintech company is tethered to the growth of prediction markets. In addition to ProphetX, EDGE has partnerships with two of the largest prediction market operators. Investors Backing EDGE, ProphetX At a time when venture investors and other market participants are displaying affinity for prediction markets, EDGE Markets and ProphetX are benefiting from that trend. Last month, ProphetX wrapped up a $35 million funding round in which eight venture investors and a variety of proprietary trading firms participated. In June, EDGE Markets conclude a $29.2 million Series A funding round led by CoinFund with participation by four other investors, all of which were part of the company’s seed round. The post ProphetX Traders Can Deposit Up to $1M Daily Through EDGE Markets Partnership appeared first on Casino.org.