Opinion On-Chain Prediction Market Raises $20 Million

• Company raised $20 million in a pre-Series A round
• The platform isn’t available in the US…
• …But it’s one of the largest prediction markets in the world

Opinion Labs, the company behind the Opinion Trade prediction, raised $20 million from several investors in a pre-Series A round.

Decasonic, Hack VC, Jump Crypto, and Primitive Ventures, among others, participated in the financing round, adding to Wednesday’s prediction markets capital raising news. Like rival Polymarket, Opinion settles event contracts on-chain. In this case, the blockchain in question is the BNB Chain. That’s a different methodology than the centralized settlement approach employed by Kalshi.

As of last November, both of those companies were valued at least $10 billion. News of Kalshi’s valuation ascending to $11 billion arrives amid speculation that rival Polymarket is in talks on another financing round that could push its multiple to at least $12 billion, though there is some talk investors could value Polymarket as high as $15 billion.

How big is Opinion?

Opinion is perhaps the biggest prediction market firm most Americans haven’t heard of and that makes sense because the platform isn’t available in this country. It’s also prohibited in China.

Those data points could encourage more professional investors to evaluate Opinion even as cryptocurrency prices tumble. This is Opinion’s second capital raise as it previously raised $5 million from YZi Labs, Animoca Ventures and others.

Over the past week, Opinion’s volume was third behind only Kalshi and Polymarket. Dune Analytics data indicate the company has north of 185,000 customers.

Opinion Separates Itself from Rivals

While it offers a decent amount of sports event contracts, Opinion distinguishes itself from rivals like Kalshi and Robinhood by not focusing on single-game derivatives. Nor does it entice bettors with parlays.

Rather, the company leans more into event contracts based on cryptocurrency prices, macroeconomic news, politics, pop culture and even token-generating events (TGEs), among other categories. In fact, only a small number of the newest contracts available on Opinion are related to sports.

Speaking of TGEs, Polymarket traders are pricing in high likelihood Opinion will launch a native token under the ticker “OPN” perhaps as soon as this month and it appears that event is foregone conclusion to occur before the end of March.