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Robinhood is in talks with Crypto.com about adding Crypto.com's prediction market contracts to Robinhood's app, the Wall Street Journal reported Friday, citing people familiar with the matter.
An agreement would let Robinhood customers trade yes-or-no contracts from Crypto.com's prediction market business, called OG, without leaving Robinhood's platform. Crypto.com launched OG in February, powered by Crypto.com Derivatives North America, a CFTC-registered exchange and clearinghouse, and said weekly activity in the business grew roughly 40-fold over the following six months. Robinhood currently sources event contracts from Kalshi, Interactive Brokers' ForecastEx, and Rothera, a CFTC-licensed exchange and clearinghouse that Robinhood invested in alongside Susquehanna International Group in 2025.
The discussions follow Robinhood's move roughly two months ago to begin routing World Cup and professional baseball contracts to Rothera rather than exclusively to third parties. Robinhood said more than 16 billion event contracts had already traded on its platform in 2026, compared with more than 12 billion during all of 2025, and the Journal reported that Robinhood's share of Kalshi's own trading volume has been shrinking since Rothera launched. Robinhood told the Journal it intends to keep working with multiple exchanges to give customers a broad and resilient marketplace, suggesting a hybrid approach rather than a full shift away from outside venues.
Bernstein analysts said last month that consumer platforms are racing to own more of their own exchange and clearing infrastructure so that revenue currently paid to outside venues stays in-house, a dynamic that frames both Rothera and any Crypto.com arrangement as pieces of the same strategy rather than a contradiction. Kalshi CEO Tarek Mansour told the Journal in June that he considers Robinhood a leading competitor even as Kalshi continues supplying it with contracts.
The prediction market land grab now extends well beyond crypto-native venues. Kalshi's World Cup-related contracts generated about $27 billion in trading volume this year, against roughly $1 billion for markets tied to the Super Bowl, and sports contracts accounted for about 80% of Kalshi's and Polymarket's combined volume through the tournament. Cboe Global Markets has separately launched all-or-nothing options tied to the S&P 500 that Charles Schwab plans to offer its customers, while Coinbase, DraftKings and other consumer platforms have each moved to secure their own regulated exchange infrastructure or partnerships.
