Robinhood in talks with Crypto.com as blockchain fees hit $25 million

Robinhood is in talks with Crypto.com to list the exchange's yes-or-no event contracts, the Wall Street Journal reported, as its layer-2 blockchain generated $25 million in weekly fees.

"Robinhood has been discussing plans to expand its prediction markets offering with Crypto.com," a person familiar with the matter told the Journal, adding that no agreement has been reached.

Robinhood launched its prediction markets hub in March 2025, initially using Kalshi to comply with CFTC requirements. It later added ForecastEx, owned by Interactive Brokers, and Rothera, in which Robinhood owns a significant stake through a joint venture with Susquehanna. The company has invested about $38 million in the venture, according to the report.

Analysts at JMP Securities raised their price target on Robinhood to $160 from $130, citing the outlook for prediction markets and tokenized equities. They forecast prediction market revenue could reach $1.7 billion by 2028. Bernstein has projected the broader prediction market sector could hit $1 trillion in volumes by 2030, though platforms face ongoing legal battles between state gaming authorities and the CFTC over jurisdiction.

Robinhood Chain, the company's layer-2 network built for tokenized real-world assets, ranked third among blockchains by weekly application fees, trailing only Ethereum at $45 million and Solana at $39 million, according to CryptoRank. The network processed $25 million in fees in the seven days through July 24.

Despite being designed for tokenized RWAs, meme coins have dominated activity. Cash Cat (CASHCAT) ranks as the top traded token on the network, logging $824.89 million in lifetime volume across 1.37 million trades, per Dune Analytics data. Daily RWA trading on the chain peaked at $61.1 million on July 23, with meme coin and tokenized stock pairs accounting for $46.1 million, or about 75 percent of that volume.

The total value of tokenized assets on Robinhood Chain reached $25.4 million on July 24, the highest since launch. Tokenized stocks made up $21.9 million of that total.

The expansion into prediction markets would add a third crypto-adjacent sector for Robinhood, alongside its blockchain and tokenized asset offerings. The company said it will continue working with multiple exchanges and that the Crypto.com talks may not result in a deal.

This article is for informational purposes only and does not constitute investment advice.