Robinhood Teams Up with Crypto.com and OG.com for Event Contract Expansion
Robinhood has formed a multi-year partnership with Crypto.com and its newly spun-off prediction market platform OG.com. The deal involves Robinhood taking equity stakes in both companies, valuing them at the same price as an earlier investment by Citadel Securities.
The online brokerage will use OG.com's regulated infrastructure for event contracts, routing retail trades through a CFTC-regulated derivatives exchange and clearinghouse. This rollout begins today for eligible US customers.
OG.com CEO Kris Marszalek stated that the platform plans to expand beyond prediction markets into futures and perpetual contracts.
This development follows OG.com's spin-off from Crypto.com at a $5 billion valuation, less than two months after reports of Robinhood's talks with Crypto.com to expand its prediction market offerings.
Robinhood launched its prediction markets hub in March 2023 with CFTC-regulated exchange Kalshi and has seen rapid growth. Event contracts generated $156 million in revenue for Robinhood in the second quarter, surpassing equities transaction revenue and crypto revenue.