Robinhood Crypto.com prediction markets talks reported by WSJ

Robinhood Crypto.com prediction markets talks are underway, The Wall Street Journal reported Friday, citing people familiar with the matter. A deal would expand the supply of event contracts available through Robinhood’s prediction hub at a time when U.S. platforms are competing for users and trading volume in the sector.

Under the arrangement being discussed, Crypto.com’s prediction market business would be connected to Robinhood’s trading platform, according to the Journal. Robinhood customers would then be able to place yes-or-no wagers offered by Crypto.com from inside Robinhood’s product. The Journal said the talks may not result in a completed agreement.

Robinhood has previously worked with Kalshi to provide contracts for its prediction platform, according to the Journal. The relationship has become more competitive as both companies build businesses around event-based trading.

A Robinhood spokesperson told the Journal that the company “will continue to partner with multiple exchanges to ensure our customers have access to a diverse and resilient marketplace.” PYMNTS said it sought comment from Robinhood and Crypto.com and had not received a response. A Kalshi spokesperson declined to comment to PYMNTS.

What would a Robinhood Crypto.com prediction markets deal do?

A deal would let Robinhood offer Crypto.com’s yes-or-no event contracts through its own prediction hub, according to the Journal’s account of the discussions. Prediction market contracts let users take a position on whether a defined event will happen, with the contract structured around a binary outcome.

For Robinhood, adding another provider would broaden the marketplace available to its users without requiring the company to rely on one exchange. For Crypto.com, distribution through Robinhood would place its prediction market products in front of an established retail trading audience.

Crypto.com launched its stand-alone U.S. prediction markets platform, called OG, in February, according to PYMNTS. The company has also offered prediction market contracts through its derivatives business since late 2024.

Crypto.com previously announced a collaboration with President Donald Trump’s media business to bring prediction markets directly to Truth Social, PYMNTS reported. That offering has not launched, according to the same report.

How Kalshi fits into the competition

Kalshi has been one of the most visible U.S. companies in prediction markets. PYMNTS reported that Kalshi recorded $27 billion in trading volume tied to World Cup markets, compared with about $1 billion linked to the Super Bowl.

Kalshi Chief Executive Tarek Mansour told the Journal that the company intends to add tradable assets beyond event-based contracts. He also described Robinhood as a leading competitor while acknowledging the existing commercial relationship between the two firms.

“They’re a partner of ours at the same time they’re competing with us, and I think that’s also great,” Mansour told the Journal. “We’ll see who ends up with a better product.”

The discussions between Robinhood and Crypto.com come as prediction markets, sports betting apps and crypto exchanges increasingly overlap in the digital economy, according to PYMNTS. The publication has reported that artificial intelligence could further personalize financial products, prediction markets and digital commerce, raising new questions for executives across financial services, media and online commerce.

This story draws on original reporting from PYMNTS.