Robinhood has announced a strategic partnership with Crypto.com, acquiring minority equity stakes in both Crypto.com and OG.com, which will serve as the infrastructure and clearing provider for its Prediction Markets platform. This collaboration comes as Robinhood’s prediction markets gain traction, establishing themselves as the company's fastest-growing product line.
Under the terms of the agreement, OG.com will be responsible for handling trade settlements and managing the infrastructure for Robinhood's Prediction Markets. This platform enables users to trade contracts based on the likelihood of future events, ranging from monetary policy changes to sports outcomes.
The new partnership is set to enhance Robinhood's operational capabilities in prediction markets, which have shown remarkable growth, with revenue from event contracts surging to $156 million in the second quarter — a tenfold increase year-over-year. Following the announcement, Robinhood's shares rose by approximately 3.4% in premarket trading, reaching about $126, while Crypto.com's CRO token also experienced a boost, nearing $0.063.
