trading platform robinhood market hood We continue to add more services available to retail traders.
One of those services is cryptocurrency. Bitstamp.
“We have many products,” says Robinhood Cryptocurrency General Manager Johan Kelblatt told Benzinga Zunaid Suleman He said this in an interview Thursday at the 2024 HOOD Summit in Miami.
In addition to stock and options trading, Robinhood offers cryptocurrencies such as: Bitcoin BTC/USD, Ethereum ETH/USD and dogecoin doge/usd.
Robinhood Crypto allows users to self-custody and manage their assets in a wallet, Kerblat said.
He said that for many new crypto investors, it is important to start small and learn about the asset before trading.
“For me, it’s all about education.”
Related article: Robinhood announces futures, index options trading
Growth with Bitstamp acquisition: Robinhood announces acquisition of cryptocurrency exchange bit stamp Kerblat said in June that the deal should close in early 2025.
There were three main reasons why Robinhood acquired Bitstamp, Kerblatt said.
- Expands overseas and holds numerous licenses
- It's an exchange
- Corporate business with established relationships with large companies
Robinhood is a marketplace and sends orders to market makers, but the Bitstamp integration could change that.
“This exchange will allow us to build more sophisticated futures trading,” Curblat told Benzinga.
Investors are starting to realize that financial institutions are moving into the crypto space, and the approval of Bitcoin ETFs reinforces that awareness, he said, adding, “This is a good time for us to be in this business. “It was,” he said.
Robinhood's one-stop shop: Robinhood Crypto complements other business services for customers, such as stocks and options, Kerblatt said.
“What was really important to us was being able to provide our customers with access to the financial products they were looking for.”
He said retail investors wanted to buy cryptocurrencies but were worried about owning their own wallets or paying high fees on other exchanges.
“We took something that was really good for stocks and brought it to cryptocurrencies.”
Robinhood's platform allows users to move between different asset types and sell stocks and buy Bitcoin the next day, he said.
What's next: Curblat predicts that regulation and continued investment in blockchain technology will be the biggest growth theme for the crypto sector going forward.
Robinhood executives say institutions entering the cryptocurrency space are increasing use cases for blockchain technology, especially in the financial sector.
“I think we're going to see that more and more,” he said.
Curblat said the growth of cryptocurrencies requires a further regulatory framework.
“In the United States, we lack a clear framework for us to follow. We know how to work with regulators.”
Read next:
Benzinga's Zunaid Suleman (left) interviews Robinhood Cryptocurrency General Manager Johan Kerblat at the 2024 Hood Summit.
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