Robinhood talks with Crypto.com to offer event-based contracts could reshape prediction market competition after Kalshi's World Cup contracts generated $27 billion in volume.
Robinhood Markets is in discussions with Crypto.com that could let customers trade the exchange's event-based contracts directly through Robinhood's prediction markets interface, the Wall Street Journal reported, citing people familiar with the matter.
The arrangement would expand the range of binary yes-or-no products available to Robinhood's retail base without requiring users to switch platforms. People familiar cautioned that the talks are still underway and no agreement is assured.
Robinhood entered the prediction market business in early 2025 through a partnership with Kalshi, a CFTC-regulated exchange. That deal gave Robinhood customers contracts tied to sports outcomes and Federal Reserve policy decisions. The brokerage later added access through Interactive Brokers' ForecastEx service and Rothera, a futures and derivatives venue created with Susquehanna International Group. Rothera launched earlier this year. Traders noted a subsequent drop in Kalshi's trading volume attributable to Robinhood clients.
Kalshi's chief executive has publicly named Robinhood as a primary competitor. The exchange's contracts linked to the FIFA World Cup alone generated about $27 billion in trading volume, far exceeding events such as the Super Bowl. Kalshi has also introduced perpetual futures contracts that attracted additional activity.
Crypto.com has built its own prediction market infrastructure. The company started offering event contracts through its derivatives arm in late 2024 and launched a dedicated platform called OG in February. It has announced plans for a separate arrangement with Trump Media & Technology Group to bring prediction markets to Truth Social, though that service has not gone live. Crypto.com operates through a CFTC-regulated affiliate, Crypto.com Derivatives North America, and has been building distribution infrastructure for other platforms.
Robinhood's own Alpha Score stands at 34 out of 100, indicating weak momentum relative to financial-sector peers. Interactive Brokers, which scores 72 on AlphaScala's measure, also offers prediction market access through ForecastEx.
A partnership between Robinhood and Crypto.com would add another source of contracts at a time when prediction market activity has grown sharply, rivaling traditional crypto trading volumes for some firms. People familiar with the discussions said the talks are ongoing and no deal is assured.
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