Robinhood Partners with Crypto.com for Prediction Markets
- Robinhood announced a multi-year deal with Crypto.com’s OG.com, making it an infrastructure and clearing provider for its prediction markets platform.
- Robinhood is taking minority equity stakes in both Crypto.com and OG.com.
- HOOD shares increased by approximately 3.4% in premarket trading, reaching around $126.
- Crypto.com’s CRO token surged toward a weekly high near $0.063 following the announcement.
- OG.com’s spin-off values it at $5 billion, while Crypto.com was valued at $20 billion after Citadel Securities’ investment.
The partnership allows Robinhood to enhance its prediction markets platform by leveraging OG.com’s infrastructure capabilities, regulated by the Commodity Futures Trading Commission (CFTC). This collaboration marks OG.com’s largest business-to-business partnership by trading volume.
The collaboration has already impacted market performance positively, as seen in the rise of HOOD shares and CRO token value, highlighting investor confidence in this strategic move to bolster Robinhood’s fastest-growing product line.(Source)
