Robinhood Teams Up with Crypto.com on Prediction Market Expansion

Robinhood has partnered with Crypto.com to expand its prediction market business. The partnership will enable Robinhood to route select football-related event contracts to Crypto.com's prediction markets platform via a Commodity Futures Trading Commission-regulated exchange and clearinghouse.

The move is part of Robinhood's efforts to create a stronger, more diverse, and resilient marketplace for prediction markets, according to JB Mackenzie, vice president and general manager of futures and prediction markets at Robinhood. 'Routing event contracts to multiple venues helps create a stronger, more diverse and resilient marketplace,' he said.

Robinhood has seen record revenues and volume in its prediction business so far this year, with 13.6 billion event contracts traded during the second quarter. During the World Cup alone, users traded over 5 billion contracts.