Robinhood, Crypto.com in Talks About Prediction-Markets Partnership — WSJ

By Krystal Hur, Hannah Erin Lang and Vicky Ge HuangRobinhood Markets might have found another dance partner in the prediction-markets business.The company is in talks with digital-currency exchange Crypto.com to expand the brokerage firm's foothold in prediction markets, according to people familiar with the matter.Robinhood so far has relied on Kalshi and others to supply betting contracts for its prediction platform, but what began as a partnership is evolving into direct competition as the two companies push onto each other's turf.The detailsThe partnership being discussed would add Crypto.com's prediction-market business to Robinhood's prediction-markets hub and allow users to place yes-or-no bets offered by the crypto exchange on Robinhood's trading platform, the people said.Robinhood first started offering Kalshi's event-based contracts early last year, allowing users to place yes-or-no bets on everything from the outcome of sporting events to interest-rate moves at the Federal Reserve. Beyond Kalshi, Robinhood's existing prediction-markets partners include Interactive Brokers' ForecastEx and Rothera, a future and derivatives exchange managed through Robinhood's joint venture with Susquehanna International Group.There are no guarantees Robinhood and Crypto.com ultimately will reach a deal. A Robinhood spokesperson said the company "will continue to partner with multiple exchanges to ensure our customers have access to a diverse and resilient marketplace."The contextCrypto.com launched its stand-alone prediction markets platform OG in February. The exchange has offered prediction-markets contracts through its derivatives arm since late 2024. In late 2025, Cr ypto.com announced a partnership with President Trump's media business to introduce prediction markets directly on the social-media platform Truth Social. The offering hasn't yet launched.Rothera launched earlier this summer. Since then, Robinhood's customers have accounted for a decreasing portion of Kalshi's trading volumes, analysts say.Kalshi has led the surging popularity of prediction markets in the U.S. The company saw $27 billion in volumes for World Cup related markets, compared with around $1 billion in volumes for markets tied to the Super Bowl.Kalshi earlier launched perpetual futures, or so-called perps, which never expire and let traders pile leverage onto trades. They have drawn billions of dollars in volumes for the company.Kalshi CEO Tarek Mansour told The Wall Street Journal in June that the company plans to expand its array of tradable assets beyond just events-based contracts.He said he considered Robinhood to be a top competitor. "They're a partner of ours at the same time they're competing with us, and I think that's also great," he said."We'll see who ends up with a better product," he added.Write to Krystal Hur at [email protected], Hannah Erin Lang at [email protected] and Vicky Ge Huang at [email protected]