Robinhood Expands Prediction Markets with Crypto.com Partnership
Robinhood has expanded its prediction-markets business by routing football event contracts to OG.com, which is owned by Crypto.com's U.S. derivatives exchange and clearinghouse. This partnership was announced on September 8th.
The agreement adds another regulated venue for Robinhood's users, while also giving the company equity stakes in Crypto.com and OG.com. These stakes will be priced at a valuation of $20 billion, which is similar to Citadel Securities' recent investment in Crypto.com Group.
According to Robinhood, selected football contracts have already begun routing to OG.com on September 8th. However, the company emphasized that this arrangement does not make OG.com its sole venue, and event contracts will continue to be routed to other exchanges such as Kalshi, ForecastEx, and Rothera.
Crypto.com's founder and CEO Kris Marszalek described the agreement as a strategic partnership and stated that OG.com plans to expand beyond prediction markets into futures and perpetuals in the future.