With the recent decline in spot crypto trading, trading platforms are tending to expand their activities into crypto futures, which are seen as more profitable.
According to Bloomberg, the US-based Robinhood platform, which offers commission-free transactions, also has a plan to offer crypto futures transactions. In Bloomberg's news, based on people familiar with the subject, it was reported that Robinhood is considering offering cryptocurrency futures in the USA and Europe in the coming months. However, there is no official statement from Robinhood yet.
Robinhood's acquisitions fuel rumors
As is known, Robinhood recently agreed to acquire Luxembourg-based crypto exchange Bitstamp for $200 million. This move supports recent rumors while revealing Robinhood’s plan to expand into the European crypto market. However, people who asked not to be named because there is no official statement said that the trading platform also intends to launch CME-based futures for Bitcoin and Ether in the US. In fact, RobinHood also acquired Marex FCM, which has the necessary license to offer futures in the US, in March this year.
Demand for futures has increased especially after spot Bitcoin ETFs were approved in the US this year. Data from blockchain analysis company CCData also shows that crypto futures are significantly higher than spot transactions. According to the data, monthly spot transaction volume is around $1.57 trillion, while the average monthly transaction volume in the derivatives market reached $3.69 trillion.
Robinhood Intends to Expand Operations Despite SEC Warning
The latest acquisitions do not appear to have deterred Robinhood from responding to a lawsuit warning from the U.S. SEC, which warned Robinhood last month that it was trading crypto assets considered securities without authorization on its platform.
On the other hand, Coinbase (COIN), another US crypto exchange that is in a lawsuit with the SEC, is another platform that started trading crypto derivatives this year.
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