CRO Rockets as Robinhood Takes Stakes in Crypto.com and OG.com
Robinhood is increasing its push into prediction markets by a brand new multi-year partnership with OG-com, the just lately spun-off buying and selling platform from Crypto.com.
Under the settlement, introduced minutes in the past, Vlad Tenev’s firm will route retail event-contract quantity by OG.com’s CFTC-regulated derivatives alternate and clearing infrastructure. The rollout begins on September 8 for eligible US clients.
The joint assertion reads that this might be OG.com’s largest business-to-business prediction-markets partnership by transaction quantity.
Additionally, Robinhood will obtain fairness stakes in each OG.com and Crypto.com as a part of the deal. The stakes might be priced in line with Citadel Securities’ current funding in Crypto.com Group, which valued the broader entity at $20 billion. OG.com’s valuation was set at $5 billion following the spin-off.
“This is the start of a strategic partnership between each corporations,” stated Kris Marszalek, Founder and CEO of Crypto.com and OG.com. “We’re wanting ahead to creating OG.com probably the most liquid venue globally for progressive by-product devices, beginning with prediction markets and rapidly increasing into futures and perpetuals.”
In response to the information going reside, the native token of the broader Crypto.com ecosystem, CRO, rocketed from $0.057 to a weekly peak at $0.063. Although it was stopped there, it nonetheless sits nicely above $0.06.
The asset took a significant hit a month in the past when Trump Media Group, the entity behind Truth Social, canceled two of its offers with Crypto.com, together with establishing an organization accumulating CRO as a strategic asset. At the time, the token slumped to a three-year low of underneath $0.045.
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