Robinhood Market Inc., an American financial brokerage, is mulling introducing crypto futures offerings in both the United States and Europe. As reported by Bloomberg, this move could expand the firm’s offerings in the digital asset market and provide users with more investment opportunities.
Robinhood Gears to Expand Crypto Offerings
Per the report, the brokerage has revealed that this new initiative will kickstart once its acquisition of Bitstamp Ltd is finalized next year. The firm inked a $200 million agreement to buy the oldest crypto exchange globally, holding more than 50 licenses and registrations.
The firm plans to utilize the Bitstamp license to provide perpetual futures for Bitcoin (BTC) and other altcoins in Europe. Beyond this, it also plans to launch CME-based futures for BTC and Ethereum (ETH).
With the crypto assets already flourishing in these regions and other major crypto exchanges providing similar services to traders, Robinhood’s potential move aims to introduce distinctive offerings in these countries.
For context, Bloomberg’s CCData revealed in May that centralized exchanges for instance Coinbase had $1.57 trillion in spot trading volumes and $3.69 trillion in monthly derivatives volume. In this kind of crypto offerings, Robinhood spokesperson said the firm has no immediate plans to do so.
Robinhood’s Crypto Adventures
Robinhood is advancing its foothold in the crypto firm and these latest moves will not be its first debut in those countries. In March, the firm acquired Marex FCM in March, enabling it to provide futures trading services in the United States.
Notably in late April, the firm expanded support for Shiba Inu (SHIB) to its app users in New York. Shortly after this, the firm’s crypto trading surged by 224% in the first quarter of 2024. The firm’s determination to grow its crypto business, is in spite of a Wells notice from the US Securities and Exchange Commission (SEC) in early May.
Besides its direct crypto dealings, the firm recently purchased Pluto Capital Inc., an AI research platform.
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