Robinhood Eyes Crypto.com to Expand Prediction Markets
Robinhood is reportedly in talks with Crypto.com to expand its prediction market footprint.
That’s according to a report Friday (July 24) by The Wall Street Journal (WSJ), citing sources familiar with the matter. The report noted that Robinhood has so far worked with companies like Kalshi to supply betting contracts for its prediction platform, though the companies are now more like rivals than partners.
Under this proposed partnership, Crypto.com’s prediction market business would be added to Robinhood’s prediction hub, letting users place yes-or-no bets offered by the crypto company on Robinhood’s trading platform, the sources said. The report added there are no guarantees the two companies will reach an agreement.
PYMNTS has contacted Robinhood and Crypto.com for comment but hasn’t yet gotten a response. A spokesperson for Kalshi declined to comment.
A spokesperson for Robinhood told WSJ the company “will continue to partner with multiple exchanges to ensure our customers have access to a diverse and resilient marketplace.”
As the report noted, Crypto.com debuted its stand-alone prediction markets platform OG in February, and has offered prediction markets contracts through its derivatives business since late 2024. Last year, Crypto.com announced a collaboration with President Trump’s media business to introduce prediction markets directly on the social media platform Truth Social, though that has yet to launch.
Kalshi, meanwhile, has been at the forefront of the prediction wave in the U.S., seeing $27 billion in volume for World Cup-related markets, versus around $1 billion for the Super Bowl.
Kalshi CEO Tarek Mansour told WSJ the company plans to expand its range of tradable assets beyond just events-based contracts, and called Robinhood a top competitor.
“They’re a partner of ours at the same time they’re competing with us, and I think that’s also great,” he said. “We’ll see who ends up with a better product.”
In other prediction market news, PYMNTS wrote last week about the industry’s contribution to a world in which gambling “is no longer simply a single, static industry,” thanks to the rise of companies like Kalshi, sports betting apps, and crypto exchanges.
“As artificial intelligence personalizes financial products, prediction markets and digital commerce, it will create new questions for executives across financial services, media and digital commerce,” that report said. “The future may not involve convincing consumers to gamble more. It may involve making every digital interaction feel just uncertain enough that they cannot resist checking one more time.”
