Robinhood has announced plans to enhance its cryptocurrency offerings by introducing futures trading for Bitcoin and Ether. This development coincides with the launch of the firm’s new desktop trading platform, Robinhood Legend, designed for active traders seeking advanced tools and customization.
During the HOOD Summit conference, Robinhood confirmed it will allow customers to trade a range of futures products, including Bitcoin Futures, Micro Bitcoin Futures, Bitcoin Friday Futures, Ether Futures, and Micro Ether Futures. These products will be available through the Chicago Mercantile Exchange (CME) and are expected to roll out in the coming months.
Previously, the company had stated it had “no imminent plans” to offer such products, despite earlier reports suggesting otherwise. According to Bloomberg, Robinhood plans to utilize Bitstamp’s licenses to offer perpetual futures for Bitcoin and other cryptocurrencies in Europe.
In addition to the new futures offerings, Robinhood continues to provide access to Bitcoin and Ethereum ETFs in the U.S. and allows direct crypto purchases via its Robinhood Crypto platform. However, the firm has faced scrutiny from regulatory bodies, including receiving a Wells Notice from the SEC in early May.
Following the announcement, Robinhood’s stock saw a positive uptick, rising 2.8% in pre-market trading to reach $27.69. The stock has gained over 111% year-to-date. The company is also reportedly exploring a stablecoin launch, although a spokesperson emphasized that there are “no imminent plans” for this initiative.
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