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Robinhood Became a Partner of Crypto.com

მარიამ ქადარიაSeptember 9, 20261 min read
Robinhood Became a Partner of Crypto.com

Robinhood is beginning a partnership with Crypto.com. The company will also acquire a stake in Crypto.com and its former subsidiary, OG.com. The value of the deal has not been disclosed.

As part of the agreement, OG.com's contracts will become available to Robinhood's users. Initially, this concerns contracts related to American football. In the prediction market, users can place bets on the outcomes of various events, such as elections, sporting competitions, and economic events.

This segment has already become a significant source of revenue for Robinhood. In the second quarter, revenue from the prediction market reached a record $156 million, ten times higher than the previous year's figure. Trading volume also increased tenfold, reaching 13.6 billion contracts.

Robinhood is also adding political contracts ahead of November's midterm elections. Crypto.com, meanwhile, is considering going public, though a date for the IPO has not yet been set.

Source: Yahoo Finance

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