Robinhood is increasing its push into prediction markets by a brand new multi-year partnership with OG-com, the just lately spun-off buying and selling platform from Crypto.com.
Below the settlement, introduced minutes in the past, Vlad Tenev’s firm will route retail event-contract quantity by OG.com’s CFTC-regulated derivatives trade and clearing infrastructure. The rollout begins on September 8 for eligible US clients.
The joint assertion reads that this will likely be OG.com’s largest business-to-business prediction-markets partnership by transaction quantity.
Moreover, Robinhood will obtain fairness stakes in each OG.com and Crypto.com as a part of the deal. The stakes will likely be priced according to Citadel Securities’ latest funding 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.
“That is the start of a strategic partnership between each firms,” mentioned Kris Marszalek, Founder and CEO of Crypto.com and OG.com. “We’re trying ahead to creating OG.com essentially the most liquid venue globally for progressive by-product devices, beginning with prediction markets and shortly increasing into futures and perpetuals.”
In response to the information going reside, the native token of the broader Crypto.com ecosystem, CRO, rocketed from $0.057 to a weekly peak at $0.063. Though it was stopped there, it nonetheless sits nicely above $0.06.
The asset took a serious hit a month in the past when Trump Media Group, the entity behind Reality Social, canceled two of its offers with Crypto.com, together with establishing an organization accumulating CRO as a strategic asset. On the time, the token slumped to a three-year low of underneath $0.045.
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