Robinhood is expanding its push into prediction markets through a new multi-year partnership with OG-com, the recently spun-off trading platform from Crypto.com.
Under the agreement, announced minutes ago, Vlad Tenev’s company will route retail event-contract volume through OG.com’s CFTC-regulated derivatives exchange and clearing infrastructure. The rollout begins on September 8 for eligible US customers.
The joint statement reads that this will be OG.com’s largest business-to-business prediction-markets partnership by transaction volume.
Additionally, Robinhood will receive equity stakes in both OG.com and Crypto.com as part of the deal. The stakes will be priced in line with Citadel Securities’ recent investment in Crypto.com Group, which valued the broader entity at $20 billion. OG.com’s valuation was set at $5 billion following the spin-off.
“This is the beginning of a strategic partnership between both companies,” said Kris Marszalek, Founder and CEO of Crypto.com and OG.com. “We’re looking forward to making OG.com the most liquid venue globally for innovative derivative instruments, starting with prediction markets and quickly expanding into futures and perpetuals.”
In reaction to the news going live, the native token of the broader Crypto.com ecosystem, CRO, rocketed from $0.057 to a weekly peak at $0.063. Although it was stopped there, it still sits well above $0.06.
The asset took a major hit a month ago when Trump Media Group, the entity behind Truth Social, canceled two of its deals with Crypto.com, including establishing a company accumulating CRO as a strategic asset. At the time, the token slumped to a three-year low of under $0.045.
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Source: https://cryptopotato.com/cro-rockets-as-robinhood-takes-stakes-in-crypto-com-and-og-com/
