Markets The transfer comes after prediction platform Polymarket rose to fame in the course of the U.S. Presidential election final yr, attracting over $3.6 billion in bets.
After the success of crypto-based platform Polymarket buying and selling venue Robinhood (HOOD) is now opening a prediction market on its platform, accessible by means of CFTC-regulated trade Kalshi, the corporate stated, with contracts rolling out immediately.
The firm’s prediction markets hub will enable prospects to wager on occasion outcomes, the HOOD introduced in a press release.
It’s one other competitor to Polymarket, the world’s largest predictions market, which exploded in reputation final yr amid the U.S. presidential election and any variety of different high- and lower-profile information occasions. The rise in reputation triggered intense scrutiny over the platform, which in keeping with an evaluation by NBC News, attracted over $3.6 billion in bets only for the presidential election.
Some questioned the identities behind the bets and whether or not outcomes on the platform might have even swayed the election end in a sure course. Polymarket CEO Shayne Coplan’s New York City condominium was even raided by the FBI, who seized his telephone and different digital units.
Robinhood stated that it has been talking with the U.S. Commodity Futures Trading Commission (CFTC) in current 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,” stated JB Mackenzie, VP & GM of Futures and International at Robinhood.
To kick off the product launch, merchants will be capable of wager on the potential higher sure of the goal fed funds charge in May, in addition to the upcoming males’s and ladies’s College Basketball Tournaments, Robinhood stated.
Shares of the buying and selling app had been up 2.3% on Monday, at $40.17.
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