Crypto.com hiring market maker for prediction market

Cryptocurrency exchange Crypto.com is hiring a market maker for its in-house prediction market, Bloomberg reported. The exchange has posted a job opening for a quantitative trader to buy and sell financial contracts linked to the outcomes of sporting events. The practice of in-house market making is a controversial subject within the prediction market industry. Critics have argued that it creates a conflict of interest with customers and makes exchanges resemble traditional sports betting operators. Other platforms, such as Kalshi, operate their own market-making teams like Kalshi Trading, and Polymarket has a similar structure. In response, Crypto.com stated that it does not use its proprietary trading as a source of revenue and that its internal market makers do not have preferential access to information over other users.