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.

Robinhood customers will soon be able to trade on the outcome of "March Madness." Trading platform Robinhood is getting into the events contracts game with a newly launched prediction markets hub within its app.

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