Robinhood Negotiates to Add Crypto.com Prediction Markets Amid Kalshi Rivalry
Robinhood Markets is negotiating to integrate Crypto.com’s event contracts into its platform, signaling a strategic push to diversify its prediction market infrastructure and reduce reliance on existing partners.
Robinhood Markets is in discussions to integrate event contracts from Crypto.com into its prediction markets hub. The arrangement would allow the brokerage’s users to trade yes-or-no contracts directly through the Crypto.com prediction market business. However, these talks remain preliminary and may not result in a formal agreement.
This potential partnership highlights a hybrid infrastructure strategy by the retail brokerage. While Robinhood recently began routing World Cup and professional baseball contracts to Rothera, a CFTC-licensed exchange and clearinghouse it invested in alongside Susquehanna International Group in 2025, it still seeks external venues. The firm stated it intends to continue working with multiple exchanges to ensure a broad and resilient marketplace.
The shift in routing has already impacted existing partners. Since Rothera’s launch, Robinhood customers have represented a shrinking share of trading volume on Kalshi, according to market analysts. Kalshi remains a dominant US operator, generating approximately $27 billion in World Cup-related trading volume compared to $1 billion for Super Bowl markets, with sports contracts driving about 80 percent of its and Polymarket’s volume during the tournament.
Robinhood’s overall prediction market activity is accelerating rapidly. The firm reported that more than 16 billion event contracts have traded on its platform in 2026 alone. This figure already surpasses the 12 billion contracts traded across the entirety of the previous year.
Crypto.com is actively expanding its regulated derivatives footprint. The company launched its standalone prediction platform, OG, in February, powered by its Commodity Futures Trading Commission-registered Crypto.com Derivatives North America. Management noted that weekly activity in this division grew roughly 40-fold over the preceding six months, and the firm is building infrastructure for brands like Fanatics and Trump Media’s Truth Social, though the latter integration has not yet launched.
The broader financial sector is racing to internalize exchange and clearing infrastructure to retain revenue. Bernstein analysts noted last month that consumer platforms are actively seeking to keep fees in-house rather than paying outside venues. Concurrently, traditional players are entering the space, with Cboe Global Markets launching S&P 500 all-or-nothing options that Charles Schwab plans to offer, while Coinbase and DraftKings secure their own regulated partnerships.
Despite the shifting dynamics, Kalshi continues to supply contracts to Robinhood. Kalshi Chief Executive Tarek Mansour stated in June that he views the brokerage as a leading competitor in the prediction market space, acknowledging the evolving competitive landscape.
