Trading platform Robinhood on Monday launched a prediction markets hub in its app that allows customers to trade on event outcomes, including the expected upper limit of the Federal Reserve funds rate in May.

The launch advances Robinhood's push to become a full-service financial firm, and compete with dominant derivatives brokers.

Robinhood, the mass market trading app, rolled out a prediction markets hub within its app Monday, offering contracts on events ranging from financial policy outcomes to sports results. Why it matters: Prediction markets are very much a live legal and regulatory issue in the U.