Robinhood takes stakes in Crypto.com, OG.com in prediction markets deal

Robinhood has taken equity stakes in Crypto.com and its newly spun-off prediction market platform OG.com as part of a multi-year deal to use OG.com’s regulated infrastructure for event contracts.Under the agreement, Robinhood will route retail event contracts through OG.com’s Commodity Futures Trading Commission (CFTC)-regulated derivatives exchange and clearinghouse, with the rollout beginning Tuesday for eligible US customers.According to Tuesday’s announcement, the online brokerage will receive initial equity stakes in both Crypto.com and OG.com, with the stakes priced at the valuations established by an earlier Citadel Securities investment in the platforms. The companies did not disclose the size or value of Robinhood’s holdings.The deal follows OG.com’s spin-off from Crypto.com at a $5 billion valuation and comes less than two months after reports that Robinhood was in talks with Crypto.com to expand its prediction markets offering.OG.com will operate independently from the crypto exchange, with CEO Kris Marszalek saying the platform plans to expand beyond prediction markets into futures and perpetual contracts.Related: Arcus launches tokenized perp positions on Robinhood Cha...