Robinhood and Crypto.com in talks on prediction-market partnership
Robinhood and Crypto.com are in talks on a partnership that would add Crypto.com's event contracts to the Robinhood platform, the Wall Street Journal reported July 24. No deal terms, timeline, or regulatory details were disclosed. The discussions come as competition intensifies among platforms building out event-contract products. A tie-up would give Crypto.com broader distribution through Robinhood's retail user base.
Every new distribution deal weakens Kalshi's position as the default venue. Talos just opened institutional flow to Kalshi, but Robinhood owning its own user funnel changes the long-term math. Robinhood already routes large event-contract volume, and adding Crypto.com's contracts would give it more product depth without sharing revenue.
Kalshi now faces retail rivals on two fronts: owned exchanges from DraftKings and Underdog, and brokerage integrations that bypass its market. Kalshi must prove that its first-mover liquidity and regulatory stack still matter when users never see its brand. The first quarter after any Robinhood-Crypto.com launch will show whether traders follow best prices or stay inside familiar apps.
Robinhood follows DraftKings and Underdog in building prediction-market reach outside Kalshi's infrastructure, adding pressure as Kalshi just opened institutional flow through Talos to defend share against vertically integrated rivals.