Robinhood is in talks with Crypto.com on a partnership that would allow users to trade Crypto.com’s yes-or-no contracts directly inside Robinhood’s existing prediction market hub, The Wall Street Journal reported. People familiar with the matter said the discussions are still underway and may not lead to a final agreement.
The issue is bigger than adding one more provider. Robinhood’s roster of event-contract suppliers is getting longer, and that is putting pressure on Kalshi, which had been one of the platform’s main sources of inventory.
Robinhood’s supply mix is shifting
Robinhood began listing Kalshi event contracts last year, giving users access to markets tied to outcomes such as sports results and Federal Reserve rate decisions. In addition to Kalshi, Robinhood also works with ForecastEx, which operates under Interactive Brokers.
At the same time, Robinhood has moved into the market with its own venue. Rothera, its joint venture with Susquehanna International Group, completed the acquisition of CFTC-licensed exchange MIAXdx in January and started operating this summer. Robinhood then began routing part of its event-contract flow to that in-house platform.
Fees offer the clearest sign of the shift. Rothera caps fees at 1 cent per contract, close to ForecastEx and half of Kalshi’s 2-cent maximum. Analysts have already noted that the share of Kalshi’s volume tied to Robinhood customers has been falling.
Crypto.com brings more than contract inventory
Crypto.com has been pushing aggressively into this segment. It first offered event contracts through its derivatives business at the end of 2024, then launched a standalone prediction market platform, OG, in February this year.
Its distribution strategy also extends beyond product supply. In late October last year, Trump Media & Technology Group announced an exclusive partnership with CDNA, a Crypto.com unit, to launch Truth Predict on Truth Social. The product covers political elections, interest rates and inflation, gold and oil prices, and sports events. According to the source text, it was the first case of a social platform directly integrating a prediction market product.
That makes Crypto.com more than a simple upstream provider in Robinhood’s talks. It is also an industry participant that has already built out its own channel.
Kalshi is moving from partner to competitor
Robinhood had relied heavily on Kalshi for event-market supply. But with Rothera now live and pricing lower, the relationship between the two sides is shifting from cooperation toward competition.
If Robinhood ultimately adds Crypto.com, its shelf of event products would widen again. For Kalshi, the problem is straightforward: Robinhood has been one of its largest distribution outlets, and that outlet is no longer exclusive in practice.
The market is no longer small
The sector has already reached meaningful scale. BlockTempo previously reported that Kalshi handled $54.3 billion in trading volume during the World Cup, 2.6 times Polymarket’s level, and added about 3 million new users from that tournament alone. By comparison, Super Bowl-related markets this year generated about $900 million in volume, a gap of two orders of magnitude.
On Robinhood’s side, event contracts traded on the platform topped 12 billion contracts in full-year 2025. So far in 2026, the figure has already exceeded 16 billion, making it one of the company’s fastest-growing product lines.
That is what sits behind the current talks. The question is not only whether Robinhood wants another supplier, but whether it intends to keep expanding the event-contract inventory on its own shelves. For Kalshi, the pressure comes from the fact that a large part of those shelves used to belong to it.