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Robinhood Brings Prediction Market Hub to Market After Success of Crypto-Based Polymarket
The move comes after prediction platform Polymarket rose to fame during the U.S. Presidential election last year, attracting over $3.6 billion in bets.
What to know:
- Robinhood is launching a prediction market through CFTC-regulated exchange Kalshi, expanding its trading offerings.
- The move puts Robinhood in competition with Polymarket, which saw $3.6 billion in bets during the U.S. presidential election.
- Traders can place bets on topics like Federal Reserve interest rates and the NCAA college basketball tournaments starting today.
After the success of crypto-based platform Polymarket trading venue Robinhood (HOOD) is now opening a prediction market on its platform, available through CFTC-regulated exchange Kalshi, the company said, with contracts rolling out today.
STORY CONTINUES BELOW
The company's prediction markets hub will allow customers to bet on event outcomes, the HOOD announced in a press release.
It's another competitor to Polymarket, the world’s largest predictions market, which exploded in popularity last year amid the U.S. presidential election and any number of other high- and lower-profile news events. The rise in popularity triggered intense scrutiny over the platform, which according to an analysis by NBC News, attracted over $3.6 billion in bets just for the presidential election.
Some questioned the identities behind the bets and whether results on the platform may have even swayed the election result in a certain direction. Polymarket CEO Shayne Coplan’s New York City apartment was even raided by the FBI, who seized his phone and other electronic devices.
Robinhood said that it has been speaking with the U.S. Commodity Futures Trading Commission (CFTC) in recent weeks.
“We believe in the power of prediction markets and think they play an important role at the intersection of news, economics, politics, sports, and culture,” said JB Mackenzie, VP & GM of Futures and International at Robinhood.
To kick off the product launch, traders will be able to bet on the potential upper bound of the target fed funds rate in May, as well as the upcoming men’s and women’s College Basketball Tournaments, Robinhood said.
Shares of the trading app were up 2.3% on Monday, at $40.17.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
