Robinhood Looks Beyond Kalshi, Weighs Adding Crypto.com…

Robinhood is in preliminary discussions with Crypto.com to offer event contracts from the crypto exchange on its prediction markets hub, according to people familiar with the matter. The deal would allow Robinhood customers to trade Crypto.com’s yes-or-no contracts directly within the brokerage’s app, without needing a separate account on Crypto.com’s platform.

The talks are still at an early stage and may not result in an agreement. If finalized, the arrangement would diversify Robinhood’s supply of event contracts beyond its current partners: Kalshi, Interactive Brokers’ ForecastEx, and Rothera — a CFTC-licensed exchange and clearinghouse in which Robinhood invested alongside Susquehanna International Group in 2025.

Robinhood has stated it intends to work with multiple exchanges to provide customers with a broad and reliable marketplace. Adding Crypto.com would support that strategy by expanding the number of external venues supplying contracts while reducing dependence on any single partner. The move could also put Robinhood in more direct competition with Kalshi, which CEO Tarek Mansour described as a leading competitor in June, even as Kalshi continues to supply contracts to the brokerage.

Rothera and the Hybrid Model

Robinhood began routing World Cup and professional baseball contracts to Rothera less than two months ago, indicating a strategy of combining affiliated infrastructure with products from independent exchanges. More than 16 billion event contracts traded through Robinhood during 2026, compared with over 12 billion in 2025, according to company figures. Analysts note that Robinhood customers now account for a smaller share of Kalshi’s volume since Rothera began operating.

Using outside providers such as Crypto.com, Kalshi and ForecastEx helps Robinhood add markets quickly without building every contract and regulatory function internally. The hybrid structure allows the brokerage to retain more revenue from contracts handled through Rothera while continuing to benefit from the liquidity and product development of external exchanges. It also provides flexibility if legal disputes, operational problems or changing customer demand affect one provider.

Crypto.com’s Bet on Prediction Markets

Crypto.com launched its standalone U.S. prediction market platform, OG, in February, powered by Crypto.com Derivatives North America, a CFTC-registered exchange and clearinghouse. The company said weekly activity in its prediction market business had increased roughly 40-fold in the six months before OG launched. Distribution through Robinhood could place its contracts in front of a much larger base of retail investors without requiring those customers to open a separate OG account.

Crypto.com has already used its regulated derivatives infrastructure to support event contract products for outside consumer brands, including Fanatics and an announced — but not yet launched — integration with Truth Social. A Robinhood deal would give Crypto.com a more established route into mainstream brokerage accounts, while providing Robinhood with additional contracts and another regulated venue at a time when demand for sports, economic and political markets is rising.

Competitive Landscape

Kalshi remains one of the largest U.S. prediction market operators. Its World Cup-related contracts generated about $27 billion in trading volume, compared with roughly $1 billion for Super Bowl-linked contracts. Sports markets represented about 80% of trading volume on Kalshi and Polymarket during the tournament. This concentration explains why brokerages, crypto exchanges and betting-related consumer platforms are investing in regulated event contract infrastructure.

Competition is expanding beyond specialist prediction market companies. Coinbase, DraftKings and other consumer platforms have pursued exchange licenses, acquisitions or partnerships. Cboe Global Markets has introduced all-or-nothing options tied to the S&P 500, which Charles Schwab plans to make available to its customers. Robinhood’s talks with Crypto.com fit this wider contest to control distribution, exchange infrastructure and clearing. A deal would not necessarily end Robinhood’s relationship with Kalshi, but it would give the brokerage more bargaining power and a wider product pipeline as prediction markets become a larger part of retail trading.