đ¶đ¶Stock trading and investing platform Robinhood confirmed plans to support bitcoin and ether futures amid a broader rollout of derivatives products and a new desktop platform announced at its HOOD Summit conference on Wednesday.đ„đ„
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 Robinhood said in a statement.
đđIn July, Bloomberg reported, citing people familiar with the matter, that Robinhood wanted to launch CME-based bitcoin and ether futures in the U.S. and would use Bitstamp's licenses to offer perpetual futures for Bitcoin and other cryptocurrencies in Europe.
However, a Robinhood spokesperson said it had âno imminent plansâ to launch such offerings at the time.â â Robinhood previously announced its intention to acquire the crypto exchange Bitstamp in a potential $200 million deal.
The bitcoin and ether futures products will begin rolling out to customers in the coming months, the firm stated on Wednesday.
đđRobinhood already offers access to Bitcoin and Ethereum ETFs in the U.S., and the cryptocurrencies can also be purchased directly via its Robinhood Crypto arm.
Despite its crypto unit receiving a Wells notice from the SEC in early May, Robinhood seems set on expanding its crypto enterprise. The firm is also reportedly mulling a stablecoin launch, though, again, a spokesperson said it had âno imminent plansâ to do so.đŻđŻ
ROBINHOOD ROLLS OUT LEGEND DESKTOP TRADING APP
đđIn addition to the new futures products, the firm announced the rollout of its new âRobinhood Legendâ desktop trading application, designed for active traders who want a fully customizable platform and index options.
âWith Robinhood Legend, futures and index options, weâre helping customers harness the full power of the markets so they can take control of their financial future,â Robinhood Chairman and CEO Vlad Tenev said.đŻđŻ
Following the news, Robinhood stock is currently up 2.8% in pre-market trading at $27.69. HOOD has gained more than 111% year-to-date.
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