Robinhood trading app is introducing a new prediction markets hub, expanding its financial services portfolio.
Developed in partnership with regulated exchange Kalshi Inc. – also a prediction market service – the new platform enables users to trade contracts based on real-world outcomes across sports, politics, and economic indicators.
Says J.B. Mackenzie, Robinhood’s Vice President and General Manager of Futures and International, of the new Polymarket-competing feature,
“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.
We’re excited to offer our customers a new way to participate in prediction markets while ensuring compliance with existing regulations.”
The initial contract offerings focus on the Federal Reserve’s May target interest rate and NCAA basketball tournament results.
Robinhood has been in “close contact” with the Commodity Futures Trading Commission (CFTC) in regard to the new platform, and says it will continue to work with the regulator in the future to “promote innovation in the futures, derivatives and crypto markets.”
Investor response has been positive so far, with the company’s stock up 6% on the day so far
The announcement comes a month after the U.S. Securities and Exchange Commission (SEC) dropped its investigation into the trading app giant.
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