Binance's partner in testing in-app prediction markets wagering has received additional investment capital from YZi Labs, the venture firm backed by the cryptocurrency exchange's co-founder Changpeng "CZ" Zhao.

"YZi Labs, a $10 billion venture investment vehicle, today announced a strategic follow-on investment in Predict.fun, a crypto-native prediction market platform," the firm said Thursday in a post on X. "This round brought in Susquehanna Crypto, a leading global proprietary digital asset trading firm, to support the continued development of capital-efficient, onchain prediction markets."

Earlier this week, Binance said it was testing an in-app prediction market feature in partnership with Predict.fun. The prediction market platform previously participated in YZi Labs' incubation program and is built using BNB Chain, Binance's ecosystem network.

Increasingly in the news, prediction markets allow users to trade (essentially bet) on the outcomes of real-world events, including elections, sports, cultural events, and more. Top platforms like Polymarket and Kalshi are seeking multi-billion dollar valuations as they strike new partnership deals with established media brands.

Sports and politics are among the most popular categories for users on prediction platforms. Although some professional sports leagues, like the National Hockey League, have aligned with both Kalshi and Polymarket, not every league is as keen. The National Football League this week asked the two platforms to pull back on a range of contract offerings.

CZ, who views prediction markets as a major destination for crypto capital, recently said this summer's FIFA World Cup should generate additional activity on the platforms that let people bet on sports.

"YZi Labs’ continued investment reflects strong conviction in the prediction market sector and the phenomenal growth of Predict.fun," the investment firm said.

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