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One route for two markets
River Markets signed a memorandum of understanding on 20 October to create a proposed route for institutional clients into OG.com event contracts and Crypto.com Exchange spot liquidity. The plan would bring both markets into River's trading workflow, rather than require firms to establish a separate connection to each venue.
River would operate the user interface and provide routing and risk controls. OG.com would make event contracts available through its CFTC-regulated exchange and clearinghouse, while Crypto.com Exchange would contribute digital-asset spot liquidity. The proposed arrangement covers two distinct markets, not a stated common trading or settlement setup.
Funding supports the buildout
The plan follows River's $8.5 million funding round in August. River said the capital would support execution and prime-brokerage tools for firms active across prediction-market venues, where positions and available liquidity can sit on different platforms. Adding OG.com would widen that network, while the Crypto.com connection would bring spot crypto into the offering.
Institutional use remains limited
Professional participation is present but not widespread. A June survey from Acuiti and Singapore Exchange found that 9% of institutional derivatives participants were actively trading prediction markets.
Kalshi has also described institutional demand: in an interview with Finance Magnates, the exchange's Head of Institutional Andy Ross put the combined assets of firms already trading there or in the onboarding process at more than $1 trillion. He also said institutions account for a significant share of activity and often trade against one another.
River co-founder and CEO Oscar Levy sees these products serving global macro and quantitative trading desks as information infrastructure, rather than remaining a niche asset class. The agreement does not include an announced launch date, so it does not establish when clients will be able to use the proposed connections.
What this changes for operators
For a trading desk, the main integration question is how River's routing and risk controls will handle orders across two different venues. Operators should establish how permissions, order status, rejects and exposure will be represented in the River workflow, and where monitoring and incident handling sit when a venue connection is unavailable.
The companies have not set out whether spot trades and event contracts will use shared collateral or settlement. Before planning operational processes, firms should ask how balances, fills and positions will be reported and reconciled across the venues, and what timing and launch milestones apply. Those details remain open in the announcement.
