Robinhood takes Crypto.com stake in prediction markets deal

Robinhood has signed a multi-year deal to route selected event contracts through OG.com while taking equity stakes priced against $20 billion and $5 billion valuations for Crypto.com and OG.com, respectively. Summary Robinhood will route selected retail event contracts through OG.com’s federally regulated derivatives platform. Robinhood will receive initial equity stakes in both Crypto.com and the newly independent OG.com. OG.com-backed contracts will roll out gradually to eligible U.S. customers from Sep. 8. HOOD traded at $122.02, while Crypto.com-linked CRO gained about 5.3% to $0.0604. Robinhood adds OG.com as an event-contract provider Robinhood and OG.com announced the agreement on Sep. 8, confirming that the prediction market operator will provide exchange, clearing and infrastructure services for Robinhood’s event-contract business. Under the multi-year arrangement, Robinhood will send part of its retail event-contract volume through OG.com’s derivatives exchange and clearinghouse. The platform operates under the oversight of the U.S. Commodity Futures Trading Commission, giving Robinhood another federally regulated provider for its U.S. prediction markets business. Selecte...