Robinhood, a commission-free inventory buying and selling and investing platform, has introduced Bitcoin and Ethereum futures buying and selling. The corporate has additionally launched the desktop buying and selling platform ‘Legend‘ and added futures buying and selling and index choices on cell for energetic merchants.
Robinhood to Supply Bitcoin and Ethereum Futures Buying and selling
Robinhood kicks off its first-ever customer-focused convention HOOD Summit in fashion by saying a number of services and products. It launched the long-awaited desktop platform ‘Legend‘ and added futures and index choices buying and selling options to its cell app on Wednesday. It additionally broadcasts HOOD Week, providing unique bonuses to customers for transfers from exterior brokerages.
The corporate mentioned they’re launching futures buying and selling immediately within the app, enabling prospects 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,” mentioned JB Mackenzie, VP and GM of Futures and Worldwide at Robinhood. “With a number of the lowest charges within the trade and a sublime cell consumer interface that permits prospects to commerce merely, shortly, and effectively, there will probably be no cause to commerce futures wherever else.”
Clients will be capable to commerce with one faucet and no PDT guidelines, get pleasure from low commissions, get 60/40 tax remedy, and commerce in a virtually 24-hour buying and selling window.
Not too long ago, the corporate launched crypto transfers in Europe, enabling customers to deposit and withdraw greater than 20 cryptocurrencies and likewise earn a 1% yield on deposits. Nonetheless, it excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, & TIA from service.
Legend Desktop Platform To Enhance Markets?
The corporate continues to develop into the monetary companies trade, 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 rivals.
“With Robinhood Legend, futures, and index choices, we’re serving to prospects harness the total energy of the markets to allow them to take management of their monetary future,” mentioned Vlad Tenev, Chairman and CEO of Robinhood.
The corporate believes its services and products will increase adoption, together with within the crypto markets just like the case in 2021.
HOOD stock price closed 0.49% greater at $26.93 on Wednesday. It rose 2.49% after market hours and prone to open greater at present amid the HOOD Summit.
Non-public wealth administration firm Bernstein projected Robinhood’s working revenue 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 expertise 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 large potential of those progressive future applied sciences. He’s at present overlaying all the most recent updates and developments within the crypto trade.
Disclaimer: The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.
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