Robinhood has added a prediction markets hub to its app, permitting customers to commerce on the outcomes of occasions.
The primary contracts, which began rolling out Monday (March 17), cowl what the higher sure of the goal Fed funds price will likely be in Might and who will win the upcoming males’s and girls’s school basketball tournaments, the corporate stated in a Monday press launch.
Robinhood’s prediction markets hub and the corresponding contracts will initially be accessible within the U.S. via Kalshi, an trade regulated by the Commodity Futures Buying and selling Fee (CFTC), in keeping with the discharge.
The corporate stated within the launch that it’s also working with the CFTC on tasks having to do with the futures, derivatives and crypto markets.
“We imagine within the energy of prediction markets and suppose they play an necessary function on the intersection of reports, economics, politics, sports activities and tradition,” JB Mackenzie, vp and common supervisor of futures and worldwide at Robinhood, stated within the launch. “We’re excited to supply our clients a brand new option to take part within the prediction markets and sit up for doing so in compliance with present rules.”
Robinhood stated Feb. 12 that its variety of accounts reached 26.2 million within the fourth quarter whereas its transaction primarily based high strains had been $672 million within the interval, which was up 236% from the identical interval in 2023 and up 111% from the third quarter.
In October, the corporate stated it aimed to extend pockets share of present traders whereas attracting a broader group to its retail buying and selling platform.
“Prior to now month, we launched Robinhood Legend, our new desktop providing, and introduced index choices, futures, and a realized revenue and loss instrument are coming quickly,” Robinhood CEO and Co-Founder Vlad Tenev stated throughout an October earnings name. “And simply this week, we launched our Presidential Election Market. We’ve a ton of momentum, and we’re simply getting began.”
Crypto.com stated in December that it launched a sports activities occasion buying and selling product that lets American customers of Crypto.com and the Crypto.com app participate in and commerce their very own prediction on the end result of sporting occasions.
