Underdog to Add Crypto and Stablecoin Deposits
Underdog plans to introduce cryptocurrency and stablecoin deposits through a partnership with crypto infrastructure provider zerohash, with the feature expected later in 2026. Eligible users will be able to transfer funds through the Underdog app around the clock, with near-instant processing and no need to manage wallet addresses or choose a blockchain network. Supported assets have not been disclosed; crypto deposits will complement cards, Apple Pay and bank transfers.
Founded in 2020, Underdog has more than 11 million registered accounts. Its trading volume reached $1.4 billion in the 30 days to October 21, up 133% from the previous period, according to DeFiRate data. IG Group has agreed to acquire Underdog for up to $1.3 billion, with completion expected in late 2026 or early 2027. The crypto deposit rollout could make it easier for users to move digital assets into prediction markets, but adoption and any effect on crypto trading will depend on supported assets and user eligibility.
Neutral
The announcement does not identify any specific cryptocurrency or token, and it provides no information about which assets Underdog will support. As a result, there is no clear, direct price catalyst for an individual crypto asset, making the expected impact neutral. In the short term, the partnership may draw attention to crypto payment infrastructure and prediction markets, but any trading response is likely to be limited without confirmed supported assets or evidence of deposits starting. Longer term, simpler deposits could increase access to digital assets for Underdog users and potentially support broader crypto use. However, that would not necessarily translate into price gains for any particular token; the effect would depend on adoption, supported assets and resulting demand.