Robinhood is considering offering cryptocurrency futures to customers in the US and Europe. Bloomberg reported.
The trading platform is Acquires UK-based cryptocurrency exchange Bitstamp for $200 million The company said last month that it plans to close the deal next year. The platform reportedly wants to use Bitstamp's license to offer perpetual futures trading for Bitcoin and other tokens in Europe. The information was obtained from anonymous sources, whose plans were not made public. According to Bloomberg. Robinhood plans to introduce CME-based futures for Bitcoin and Ethereum in the U.S. The company also said it has no plans to launch the service immediately and that final plans are subject to change as discussions are ongoing.
In mid-morning trading, Robinhood shares were down 1.8% and trading around $22.
Crypto derivative contracts are tradable financial instruments whose value is derived from an underlying crypto asset, allowing traders to speculate on the price movements of an asset without actually owning it.
Robinhood has always been a supporter of cryptocurrencies and seems keen to expand its crypto offerings without worrying too much about crypto market trends. Wells received a notice from the U.S. Securities and Exchange Commission regarding possible violations of securities laws..
In addition, Robin Hood The first platform to enable Dogecoin trading On the app. As a result, 62% of cryptocurrency revenue in 2021 came from Dogecoin. that Launch a cryptocurrency wallet That same year, it became popular among investors.
If Robinhood starts offering cryptocurrency derivatives, Coinbase is already in the crypto derivatives business.
