Robinhood in talks to add Crypto.com prediction markets as Kalshi rivalry grows: WSJ

WikiBit|2026-07-26

abstrak:Robinhood Markets is in talks with Crypto.com to add the crypto exchange‘s prediction market contracts to its app, allowing customers to trade yes-or-no contracts without leaving Robinhood’s platform, The Wall Street Journal reported. A deal would place Robinhood in more direct competition with existing partner Kalshi, though talks may not result in an agreement. The discussions follow Robinhoods recent routing of World Cup and baseball contracts to its affiliated exchange Rothera, signaling a hybrid strategy that blends proprietary infrastructure with third-party offerings. Crypto.com launched its own prediction market platform, OG, in February. Robinhood says it intends to continue working with multiple exchanges to provide a broad marketplace.

Quick Take

Robinhood is discussing adding Crypto.coms event contracts to its prediction markets hub, The Wall Street Journal reported Friday, citing people familiar with the matter.
A deal would let Robinhood customers trade yes-or-no contracts offered through Crypto.coms prediction markets business, though the talks may not result in an agreement.
The discussions come after Robinhood began routing contracts to affiliated exchange Rothera, suggesting the brokerage plans to combine its own infrastructure with products supplied by outside venues.

Robinhood Markets is in talks with Crypto.com about adding the crypto exchange's prediction market contracts to the brokerages app, a move that could place Robinhood in more direct competition with existing partner Kalshi, The Wall Street Journal reported Friday, citing people familiar with the matter.

The arrangement under discussion would reportedly let Robinhood customers trade yes-or-no contracts offered through Crypto.com‘s prediction market business without leaving Robinhood’s platform. The brokerage 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.

There is no guarantee the companies will reach a deal, according to the Journal. Robinhood told the newspaper that it intends to continue working with multiple exchanges to give customers access to a broad and resilient marketplace.

The talks come less than two months after Robinhood began routing World Cup and professional baseball contracts to Rothera. Robinhood said at the time that more than 16 billion event contracts had already traded on its platform in 2026, compared with more than 12 billion during all of last year. The Journal reported, citing analysts, that Robinhood customers have accounted for a shrinking share of Kalshis trading volume since Rothera launched.

Adding Crypto.com would point to a hybrid strategy rather than a full shift away from third-party exchanges. Rothera gives Robinhood an affiliated exchange and clearinghouse for selected contracts, while external venues can expand the range of markets available and reduce its reliance on any single provider. Bernstein analysts said last month that consumer platforms are racing to own more of their exchange and clearing infrastructure so that revenue previously paid to outside venues remains in-house.

Crypto.com launched its standalone prediction market platform, OG, in February. The U.S.-focused product is powered by Crypto.com Derivatives North America, a Commodity Futures Trading Commission-registered exchange and clearinghouse. Crypto.com said at launch that weekly activity in its prediction market business had grown roughly 40-fold over the preceding six months.

The company has also used its regulated derivatives infrastructure to power prediction market offerings for other consumer brands. Its previously announced Truth Predict integration with Trump Medias Truth Social has not yet launched, the Journal reported. Crypto.com has separately worked with platforms including Fanatics to offer event contracts.

Kalshi remains one of the largest operators in the U.S. market. Its World Cup-related contracts generated about $27 billion in trading volume, compared with roughly $1 billion for markets tied to the Super Bowl, according to the Journal. Sports-related contracts accounted for about 80% of Kalshi's and Polymarket's trading volume throughout the tournament.

Kalshi CEO Tarek Mansour told the newspaper in June that he considered Robinhood a leading competitor, even as Kalshi continued supplying contracts to the brokerage.

Competition is also spreading beyond crypto exchanges and prediction market specialists. Cboe Global Markets has launched all-or-nothing options tied to the S&P 500 that Charles Schwab plans to offer to its customers, The Block previously reported, while Coinbase, DraftKings and other large consumer platforms have moved to secure their own regulated infrastructure or exchange partners.

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