- Robinhood has launched futures trading for Bitcoin and Ether.
- New tools on the Robinhood Legend platform targeted to active traders.
Robinhood is expanding its cryptocurrency offerings, with plans to add futures trading for Bitcoin and Ether, indicating a growing commitment to the digital asset industry. This announcement involves the debut of Robinhood Legend, the company’s new desktop platform aimed at active traders looking for additional capabilities and a more personalized experience.
During the company’s HOOD Summit conference, Robinhood announced its new offerings, which include Bitcoin Futures, Micro Bitcoin Futures, Bitcoin Friday Futures, Ether Futures, and Micro Ether Futures. These products will be offered through the Chicago Mercantile Exchange (CME) and will be released in the coming months. This represents a big turnaround for Robinhood since the company previously stated that it had no immediate plans to launch futures trading, despite speculation earlier this summer.
Robinhood’s Expanding Crypto Portfolio
In addition to its new futures products, Robinhood continues to provide cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in the US market. Customers can also buy cryptocurrency straight from Robinhood’s platform, Robinhood Crypto. This latest initiative is part of the company’s overall aim to broaden its presence in the digital asset sector.
Robinhood’s move to provide futures trading comes after allegations that the business intended to leverage Bitstamp’s licenses to launch perpetual futures in Europe, thereby increasing its worldwide reach. However, regulatory organizations are closely monitoring these developments. In early May, the Securities and Exchange Commission (SEC) issued a Wells Notice to Robinhood, pointing to concerns about the company’s compliance with financial standards.
Despite these regulatory obstacles, Robinhood’s stock has performed well, up 2.8% in pre-market trading following the announcement of increased cryptocurrency offerings. The stock price reached $27.69 and is up more than 111% year to date, indicating investor confidence in the company’s evolving business plan.
There have also been indications that Robinhood is considering developing its own stablecoin, although a company spokesperson claimed that there are no imminent plans for such a project. Nonetheless, Robinhood’s recent attempts, such as futures trading and enhanced tools for active traders, establish it as a vital player in the fast-expanding cryptocurrency sector.
This move strengthens Robinhood’s role in bridging the gap between traditional banking and cryptocurrency, appealing to a wide range of traders and investors.
