Robinhood, a commission-free inventory buying and selling and investing platform, has introduced Bitcoin and Ethereum futures buying and selling. The firm has additionally launched the desktop buying and selling platform ‘Legend‘ and added futures buying and selling and index choices on cellular for energetic merchants.
Robinhood to Offer Bitcoin and Ethereum Futures Trading
Robinhood kicks off its first-ever customer-focused convention HOOD Summit in model by saying a number of merchandise and providers. It launched the long-awaited desktop platform ‘Legend‘ and added futures and index choices buying and selling options to its cellular app on Wednesday. It additionally pronounces HOOD Week, providing unique bonuses to customers for transfers from exterior brokerages.
The firm stated they’re launching futures buying and selling immediately within the app, enabling clients to commerce the S&P 500, oil, Bitcoin, and extra within the coming months. The crypto choices embody Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.
We’re doing futures the Robinhood approach,” stated JB Mackenzie, VP and GM of Futures and International at Robinhood. “With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else.”
Customers will have the ability to commerce with one faucet and no PDT guidelines, get pleasure from low commissions, get 60/40 tax therapy, and commerce in a virtually 24-hour buying and selling window.
Recently, the corporate launched crypto transfers in Europe, enabling customers to deposit and withdraw greater than 20 cryptocurrencies and additionally earn a 1% yield on deposits. However, it excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, & TIA from service.
Legend Desktop Platform To Boost Markets?
The firm continues to increase into the monetary providers business, with focus now on derivatives as a bid to compete with established gamers. The Legend platform will permit customers as much as eight charts opened in a single window, providing extra technical indicators obtainable for merchants than its opponents.
“With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future,” stated Vlad Tenev, Chairman and CEO of Robinhood.
The firm believes its merchandise and providers will enhance adoption, together with within the crypto markets just like the case in 2021.
HOOD stock price closed 0.49% larger at $26.93 on Wednesday. It rose 2.49% after market hours and more likely to open larger right now amid the HOOD Summit.
Private wealth administration firm Bernstein projected Robinhood’s working earnings to soar to about $900 million this yr. Analysts on the agency wrote that the corporate is anticipated to notch revenues hitting $3.4 billion subsequent yr with its market capitalization hovering between $19 billion and $23 billion.
Varinder Singh
Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the enormous potential of those revolutionary future applied sciences. He is at the moment protecting all the most recent updates and developments within the crypto business.
Disclaimer: The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
