CRO Jumps as Robinhood Partners with Crypto.com and OG.com

Robinhood is making a big move into prediction markets by partnering with OG.com, the platform recently spun off from Crypto.com. Starting September 8, Robinhood will route retail event contract volume through the OG.com derivatives exchange. This agreement marks the largest business partnership for OG.com to date by transaction volume.

As part of the deal, Robinhood is also taking equity stakes in both OG.com and the parent company, Crypto.com. These stakes are valued based on recent investment rounds that placed Crypto.com at a 20 billion dollar valuation and OG.com at 5 billion dollars. Kris Marszalek, who leads both companies, stated that this is just the beginning of a plan to make OG.com a top global venue for derivatives like futures and perpetual contracts.

Investors reacted quickly to the news, pushing the CRO token price up from 0.057 dollars to a weekly high of 0.063 dollars. The asset currently maintains a stable position above the 0.06 dollar mark. This recovery is a welcome change for the token, which struggled last month after several high profile deal cancellations led to a significant price dip.

Traders are now watching to see if this partnership provides the long term momentum needed to move the price higher. With the service set to go live for US customers in early September, the market will be looking for signs of high transaction volume to validate the new exchange infrastructure.