Robinhood Turns to Crypto.com to Expand Predictions Business

Robinhoodentered a prediction market partnership withCrypto.com, according to a Tuesday (Sept. 8)press release. Robinhood will route select football-related event contracts to Crypto.com's prediction markets platform via itsCommodity Futures Trading Commission-regulated exchange and clearinghouse, the release said. The exchange does business in the Crypto.com app under the brandCrypto.com | Derivatives North America, as well as on a separate trader-focused app under the brandOG.com, according to the release. We'd love to be yourpreferred source for news. Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks! '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. 'In June, we also startedrouting contractstoRothera, a CFTC-licensed exchange and clearinghouse independently managed through Robinhood's joint venture withSusquehanna International Group, to bring even greater diversity to our marketplace,' the release said. The announcement follows a July report that Robinhood was in discussions with Crypto.com to expand itsprediction marketfootprint. Robinhood had worked with companies suchKalshito offer betting contracts on its prediction platform, although the firms are now more like competitors than collaborators. Crypto.com andPYMNTSformed an exclusive two-yearpartnershipin August to launchAI Predictions Market Contractson OG. The AI Predictions Market Contracts will be the 'first to deploy independently measured AI adoption across consumers, enterprises and public companies,' and can 'turn trusted measurements into market intelligence and tradable contracts that provide a new way to understand how AI is changing the economy as it happens.' The offering is based onPYMNTS Intelligenceresearch intoAI adoptionamong consumers, enterprises and public companies.