- HOOD
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(Bloomberg) — Robinhood Markets Inc. will take equity stakes in Crypto.com and its prediction-markets platform spinoff OG.com as part of a multiyear agreement that will add another provider of event contracts to the brokerage’s predictions business.
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Robinhood will route retail event-contract volume through OG.com’s Commodity Futures Trading Commission-regulated exchange and clearinghouse infrastructure, with OG-backed contracts rolling out to eligible US customers starting Sept. 8, according to a statement Tuesday.
Robinhood’s stakes will be priced in line with Citadel Securities’ recent investment in Crypto.com, which valued the group at $20 billion, including a standalone $5 billion valuation for OG.com. The size of Robinhood’s stakes wasn’t disclosed.
The deal gives Robinhood anotherts boom among retail traders, drawing more platforms into the business. OG.com offers prediction-market contracts across sports, financial markets, economics and culture through its regulated derivatives businesses
“Teaming up with Crypto.com and OG.com strengthens our position as a leader in the prediction markets space and gives us even more skin in the game,” JB Mackenzie, Robinhood’s vice president and general manager of futures and prediction markets, said in the statement.
Shares of Robinhood climbed 0.8% at 9:48 a.m in New York.
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