Robinhood, the popular stock trading and investing platform, has announced plans to support bitcoin and ether futures as part of a broader strategy to expand into derivatives trading.
The news, revealed at Robinhoodâs HOOD Summit on Wednesday, also introduced a new desktop platform, âRobinhood Legend,â aimed at more active traders.
In a statement following the summit, Robinhood emphasized customer demand as the driving force behind the move, saying, âYou asked and we delivered. Weâre launching futures trading directly in the Robinhood app, letting customers trade the S&P 500, oil, bitcoin and more.â
The introduction of bitcoin and etherfutures, slated to roll out in the coming months, builds on earlier reports from July. At the time, Bloomberg noted that Robinhood was eyeing CME-based bitcoin and ether futures for its U.S. customers and exploring the use of Bitstampâs licenses to offer perpetual futures for cryptocurrencies like Bitcoin in Europe. While these plans were not immediately confirmed by the company, Robinhood has now solidified its commitment to rolling out futures products, starting with bitcoin and ether.
Robinhoodâs expansion into cryptocurrency derivatives follows the companyâs ongoing efforts to grow its crypto operations, despite regulatory hurdles. Its crypto division, Robinhood Crypto, already offers access to Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S., as well as direct purchases of these cryptocurrencies. However, the platform faces challenges, including a Wells notice from the Securities and Exchange Commission (SEC) issued in May.
