Robinhood Turns to Crypto.com to Expand Predictions Business

Robinhood will route select football-related event contracts to Crypto.com’s prediction markets platform via its Commodity Futures Trading Commission-regulated exchange and clearinghouse, the release said.

The exchange does business in the Crypto.com app under the brand Crypto.com | Derivatives North America, as well as on a separate trader-focused app under the brand OG.com, according to the release.

“Routing event contracts to multiple venues helps create a stronger, more diverse and resilient marketplace,” JB Mackenzie, vice president and general manager of futures and prediction markets at Robinhood, said in the release. “With football back and midterms fast approaching, we’re thrilled to team up with Crypto.com and OG.com for what is sure to be an exciting fall for prediction markets on Robinhood.”

Robinhood’s prediction business has seen record revenues and volume so far this year, with 13.6 billion event contracts traded during the second quarter, according to the release. During the World Cup alone, users traded more than 5 billion contracts.