Daniel Walker
Robinhood, the popular stock trading and investing platform, has confirmed plans to introduce bitcoin and ether futures as part of a broader expansion into derivatives trading. This announcement was made during the company’s HOOD Summit on Wednesday, where Robinhood also unveiled a new desktop trading platform.
In its statement, the trading platform said, “You asked and we delivered. Weโre launching futures trading directly in the Legend app, allowing customers to trade the S&P 500, oil, BTC, and more.”
Back in July, Bloomberg reported that Robinhood was eyeing the launch of CME-based BTC and ETH futures in the U.S., as well as perpetual futures for BTC and other cryptocurrencies in Europe via Bitstamp’s licenses. However, at the time, a Robinhood spokesperson clarified there were “no imminent plans” for such offerings. The company had also shown interest in acquiring Bitstamp in a potential $200 million deal.
The company now confirms that bitcoin and ether futures will start rolling out to its customers in the coming months.
Currently, the platform offers access to BTC and ETH ETFs in the U.S., and these cryptocurrencies can also be bought directly through its crypto division. Despite receiving a Wells notice from the SEC earlier this year in May, the company remains focused on expanding its crypto services. Additionally, the company is reportedly considering launching a stablecoin, though there are no immediate plans for this as per their spokesperson.
Robinhood Introduces “Legend” Desktop Trading Platform
Alongside the futures products, Robinhood also revealed its new “Legend” desktop platform aimed at active traders. This fully customizable platform includes index options and is designed for users looking for more control over their trading experience.
โWith Legend app, futures, and index options, weโre empowering customers to fully utilize the markets and take control of their financial future,โ said CEO Vlad Tenev.
Following the announcement, HOOD saw a pre-market increase of 2.8%, trading at $27.69. Year-to-date, HOOD has gained more than 111%.
