Recently, the internet brokerage platform Robinhood, which provides trading services for U.S. stocks and cryptocurrencies, is in talks for a business collaboration with the crypto platform Crypto.com regarding the prediction market business. The core proposal is for Crypto.com to provide prediction market products and technology, which will be integrated into Robinhood's frontend interface. Ultimately, Robinhood will handle user traffic and interaction. If the negotiations materialize, users will be able to participate in the prediction markets built by Crypto.com within the Robinhood app, betting on the outcomes of events such as elections, sports events, and economic indicators. Such products are typically classified in the crypto space as an extension of DeFi or Web3. So far, publicly available information has not revealed any details about partnership amounts, revenue-sharing structures, fee arrangements, or specific product types. There has been no formal agreement or timeline disclosed between the two parties. Given the complex and uncertain regulatory environment surrounding prediction markets in the U.S., this negotiation is viewed more as a contest over the "user entry point" — Robinhood seeks to expand its speculative and investment product matrix, while Crypto.com attempts to use the prediction market as a capacity output sample, with both betting on who can occupy a larger entrance to event betting traffic first.
Robinhood Expands Speculative Matrix: Prediction Markets Become New Piece
From a business line evolution perspective, Robinhood first built a retail entry through U.S. stock matching and cryptocurrency trading, before horizontally extending into the "event betting" scenario. Prediction markets are not intended to replace existing securities and crypto trading for Robinhood, but rather to create an additional betting avenue around outcomes related to elections, sports events, and economic indicators, expanding users' choices from price bets to event probability bets. According to a single source, Robinhood previously primarily relied on Kalshi and Interactive Brokers-related platforms in this direction, collaborating to provide users access to prediction markets without building a complete prediction market infrastructure; instead, it views this as a new piece added atop of existing stock and crypto trading.
Current discussions with Crypto.com continue this "external prediction market access" approach: the model remains to integrate third-party prediction markets, rather than Robinhood building its own underlying matching and risk management systems. For Robinhood, connecting with a mature platform allows it to compress exploration cycles and technical investments in the still-complex regulatory landscape of prediction markets, quickly enhancing its event betting capability. At the same time, through platforms like Kalshi, Interactive Brokers, and potential providers like Crypto.com, it diversifies the toolkit of speculative and investment instruments available under the same retail account. This light asset, interface-driven expansion approach enables Robinhood to incorporate prediction markets into its speculative matrix without significantly increasing infrastructure burdens, pre-positioning products for the next battle for event betting traffic.
Crypto.com Steps into the Background: Outputting Prediction Market Capabilities
For Crypto.com, this negotiation represents a shift from its identity as a traditional global retail crypto asset trading platform to a "backend supplier" role. Through its own app and website, it has long directly served end-user clients, providing a complete set of frontend experiences such as accounts, matching, risk control, and product design; whereas, under the prediction market collaboration framework with Robinhood, Crypto.com is positioned as the provider of products and technology. Robinhood will handle the frontend traffic entry and user relationships, while Crypto.com is responsible for providing backend event betting structure design, pricing, and system support. This division of labor allows user access to be handled by Robinhood, which has already established a foundational user base in U.S. stock and crypto trading, enabling Crypto.com to embed its capabilities in crypto product design and event market operations into another platform's interface through B-end output.
From a data and business logic standpoint, the output of prediction market capabilities means that Crypto.com's potential user coverage and revenue sources will no longer rely solely on the natural growth of its own platform. If Robinhood integrates its prediction markets on the frontend, actual participants will see Robinhood’s interface and account system, but the underlying event contracts and trading logic will be driven by Crypto.com. Transaction volumes, technical service fees, or other economic gains have the potential to be reflected as new revenue dimensions within the collaboration structure. However, as of 2026-07-25, public information has yet to disclose any specific arrangements reached by both parties regarding fee sharing or service pricing, leaving these variables still in the negotiation stage. It is certain that Crypto.com is using prediction market products and technology as a B-end output vehicle, broadening its business model from a singular matching trading platform to a foundation-type supplier that supports multiple front ends and channels of access.
Accessing Rather Than Building: A Deal Over User Entry Points
Under the current negotiation framework, Robinhood has chosen not to build prediction market infrastructure from scratch, but rather to integrate an already operational prediction market by Crypto.com. This "access-based cooperation" directly binds Robinhood's retail user base with Crypto.com's product capabilities: the former expands its speculative/investment product matrix with minimal construction costs while avoiding hasty heavy asset construction in an unclear regulatory environment for prediction markets; the latter packages its prediction market products and technology as B-end capabilities, leveraging Robinhood’s front end to migrate a market form originally belonging to crypto-native platforms to a broader user entry point. Combined with previous information from a single source stating that Robinhood participated in prediction markets primarily through related platforms like Kalshi and Interactive Brokers, this negotiation adds another crypto platform option to the "supplier pool," further reinforcing the strategy of acquiring new capabilities through collaboration.
From a possible future user journey perspective, if the collaboration materializes, the path will be compressed into "one-stop frontend with multi-party backend support": users will open the Robinhood app, see the prediction market entry in a familiar account system and interface, and initiate bets on the outcomes of elections, sports events, or economic indicators through their Robinhood accounts, while the creation, matching, and operation of underlying market prices will be managed by Crypto.com's prediction market system. From the user's viewpoint, the entire experience will still be attributed to Robinhood as a single entry point, but the duration of transactions and attention will partly be diverted to the product forms operated by Crypto.com. Compared to traditional brokerages that tend to safeguard their frontend and crypto platforms that attempt to pull users directly to their apps, this negotiation reflects a trend of strategic cooperation in emerging sectors through frontend-backend separation: who controls the entry point, controls the underlying capabilities, no longer needs to be unified under one entity. Currently, all arrangements remain in the negotiation stage, but whether this kind of access-based cooperation can truly reshape the user entry landscape will depend on both parties' execution strength in product integration and compliance pathways.
Regulatory Fog and Opportunity Window: The Battlefield for Prediction Markets in the U.S.
In the frontend-backend split cooperation model, the U.S. regulatory environment remains the primary constraint on the scalability of prediction markets. Research briefs indicate that the regulatory framework for prediction markets in the U.S. exhibits a high degree of fragmentation and overlapping jurisdictional features, with the industry still exploring compliance paths. Since prediction markets allow users to place bets on outcomes related to political elections, sports events, and macroeconomic data, these products inherently reside at the intersection of gambling and financial regulation. How they should be viewed — as derivative trading, gambling services, or information markets — can lead to entirely different licensing and scrutiny requirements, and currently, there has not been any public stance or specific approval process information from regulatory agencies regarding these negotiations.
In light of such uncertainty, Robinhood and Crypto.com have opted to test compliance and commercial viability through "access-based" cooperation. On one hand, they aim to minimize compliance shocks based on existing licenses and business frameworks, while on the other hand, they leverage their respective existing users and technical advantages to examine actual conversion and retention data for prediction markets within a limited scope. The market generally acknowledges that prediction markets have considerable potential in user participation and information aggregation, especially in providing price signals for high-attention events like elections and macroeconomic data. This is fundamentally why both parties are eager to position themselves in advance, even when the regulatory fog has not completely lifted.
From Experimentation to Paradigm: The Next Steps for Brokerages and Crypto Platforms
Discussions between Robinhood and Crypto.com regarding prediction markets reveal a clear signal regarding the direction: traditional internet brokerages are no longer satisfied with merely providing stock and crypto asset trading, but are beginning to collaborate with crypto platforms for in-depth exploration of event betting and prediction products. As of 2026-07-25, this cooperation remains in the negotiation phase, with neither an agreement signed nor any timeline for launch made public, but the model is relatively clear — Crypto.com will output prediction market products and technological capabilities, embedded into Robinhood’s frontend through access. This extends the approach that Robinhood had previously relied on with related platforms like Kalshi and Interactive Brokers to participate in prediction markets. If the negotiations eventually materialize and yield significant user and revenue data, it will provide a replicable reference for other brokerages and crypto platforms: prediction markets will no longer operate as isolated "marginal sites", but can serve as standardized modules that integrate into substantial trading interfaces, becoming a risk expression tool alongside stocks and crypto assets, thus promoting the infiltration of this originally niche play into more mainstream investment entry points. In a broader macro context, research briefs mention NVIDIA and Korea's SK Group announcing the advancement of AI plans worth over $500 billion for large-scale AI data centers and next-generation storage technology. These super-scale bets, along with financial platforms in the prediction market realm, essentially reflect that both technology and finance are simultaneously entering a stage of high risk and experimentation: capital is willing to pay for yet-to-be-fully validated infrastructure and speculative products, accepting the costs incurred in the repeated games between compliance and commercial returns. In this environment of elevated risk appetite in both finance and technology, the prediction market discussion between Robinhood and Crypto.com itself represents a pragmatic experiment concerning the future boundaries of speculation paradigms.
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