Robinhood Trading App introduces a new hub for prediction markets and is expanding its financial portfolio.
Developed in collaboration with Regulated Exchange Kalshi Inc. – also a prediction market service – The new platform Is able to use users To act on contracts based on Real-World results in sports, politics and economic indicators.
Says JB Mackenzie, vice-president and general director of Robinhood of Futures and International, of the new polymarket-competing position,
“We believe in the power of prediction markets and think that they play an important role in the intersection of news, economy, politics, sports and culture.
We are pleased to offer our customers a new way to participate in prediction markets and at the same time to guarantee compliance with existing regulations. “
The first contract offer focuses on the results of the Federal Reserve and results and NCAA Basketball Tournament results.
Robinhood has been in “close contact” with the Commodity Futures Trading Commission (CFTC) with regard to the new platform and says that it will continue to work with the regulator in the future to “promote innovation in futures, derivatives and crypto markets”.
The reaction of investors has so far been positive, with the shares of the company on the day so far 6%
The announcement comes a month after the US Securities and Exchange Commission (SEC) has dropped its research into the Handelsapp giant.
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Featured image: Shutterstock/unknown man
