Key Takeaways
- • Underdog has partnered with Zerohash to let qualified customers deposit stablecoins and other cryptocurrencies directly through the Underdog app, including outside banking hours, according to the October 22, 2026 announcement made at the NEXTPredict NYC Summit.
- • The feature is expected to launch before the end of 2026 and has not yet gone live.
- • IG Group's October 2026 acquisition presentation reported that 46% of Underdog customers had previously traded crypto and 42% said they liked funding their Underdog wallets with crypto.
- • Zerohash previously introduced crypto and stablecoin deposits for ProphetX in July 2026, and this partnership extends that model to a second prediction market platform.
- • Zerohash's disclosures note that some services may be unavailable in New York and that crypto and stablecoin holdings lack FDIC and SIPC protection, while the CFTC proposed on October 9, 2026 to explicitly include event contracts within its definition of swaps.
Summary
On October 22, 2026, Underdog announced a collaboration with Zerohash that will allow qualified customers to fund their prediction market accounts with stablecoins and other cryptocurrencies. The announcement was made at the NEXTPredict NYC Summit, and the company expects the feature to launch before the end of the year. Customers will be able to deposit funds through the Underdog app at any time, including evenings and weekends. Underdog payments head Arthik Adla said that "stablecoins and onchain assets unlock greater choice and speed," while Zerohash revenue chief Adam Tesan emphasized the ability to move money globally around the clock.
The move builds on an existing customer base with crypto exposure. According to IG Group's October 2026 acquisition presentation, 46% of Underdog customers had traded crypto previously, 42% said they preferred funding Underdog wallets with crypto, and 58% had traded individual stocks. IG agreed to acquire Underdog on July 30, 2026, for a total enterprise value of $1.1 billion, including an earnout of about $200 million. Per Underdog's public dashboard, the platform has recorded $7.88 billion in cumulative notional volume and 49.86 million trades through October 21, 2026, with $70.72 million in trades reported for October 20. These figures are company-reported.
The prediction market sector has expanded rapidly. TRM Labs estimated monthly volume at roughly $1.2 billion in early 2025 and above $20 billion in January 2026, with more than 800,000 unique wallets active monthly. Artemis data for October 23, 2026 showed roughly $400 billion in trading volume over the past year, with sports contracts accounting for 42.7% and crypto contracts for 14.6%. Cryptopolitan reported that Underdog previously offered sports contracts through Crypto.com's CFTC-approved derivatives arm before launching its own prediction market platform on July 18, 2026. Chainalysis data showed transfers under $100 into crypto services rose 78.4% in the year to June 2026, though those figures cover cryptocurrencies broadly rather than stablecoin deposits in prediction markets.
Zerohash previously enabled crypto and stablecoin deposits for ProphetX in July 2026, and the Underdog partnership extends that capability to another platform. Limitations remain. According to Zerohash's disclosures, some services may be unavailable in New York, and crypto and stablecoin holdings in its accounts are not covered by FDIC or SIPC protection. The regulatory treatment of event contracts is still developing, with the CFTC proposing on October 9, 2026 to explicitly include event contracts within its swap definition. The source notes there is no evidence yet that the partnership will attract new crypto users, increase token demand, or lift prices.
The move builds on an existing customer base with crypto exposure. According to IG Group's October 2026 acquisition presentation, 46% of Underdog customers had traded crypto previously, 42% said they preferred funding Underdog wallets with crypto, and 58% had traded individual stocks. IG agreed to acquire Underdog on July 30, 2026, for a total enterprise value of $1.1 billion, including an earnout of about $200 million. Per Underdog's public dashboard, the platform has recorded $7.88 billion in cumulative notional volume and 49.86 million trades through October 21, 2026, with $70.72 million in trades reported for October 20. These figures are company-reported.
The prediction market sector has expanded rapidly. TRM Labs estimated monthly volume at roughly $1.2 billion in early 2025 and above $20 billion in January 2026, with more than 800,000 unique wallets active monthly. Artemis data for October 23, 2026 showed roughly $400 billion in trading volume over the past year, with sports contracts accounting for 42.7% and crypto contracts for 14.6%. Cryptopolitan reported that Underdog previously offered sports contracts through Crypto.com's CFTC-approved derivatives arm before launching its own prediction market platform on July 18, 2026. Chainalysis data showed transfers under $100 into crypto services rose 78.4% in the year to June 2026, though those figures cover cryptocurrencies broadly rather than stablecoin deposits in prediction markets.
Zerohash previously enabled crypto and stablecoin deposits for ProphetX in July 2026, and the Underdog partnership extends that capability to another platform. Limitations remain. According to Zerohash's disclosures, some services may be unavailable in New York, and crypto and stablecoin holdings in its accounts are not covered by FDIC or SIPC protection. The regulatory treatment of event contracts is still developing, with the CFTC proposing on October 9, 2026 to explicitly include event contracts within its swap definition. The source notes there is no evidence yet that the partnership will attract new crypto users, increase token demand, or lift prices.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.