Robinhood, a commission-free stock trading and investment platform, has announced futures trading for Bitcoin and Ethereum. The company also launched Legend, a desktop trading platform, and added mobile futures trading and index options for active traders.
Robinhood offers Bitcoin and Ethereum futures trading
Robinhood kicks off its first-ever customer-centric conference, HOOD Summit, with a bang by announcing several products and services. The company on Wednesday launched its long-awaited desktop platform Legend, adding futures and index options trading capabilities to its mobile app. It also announced HOOD Week, which offers users exclusive bonuses on transfers from external brokerages.
The company announced that it will launch futures trading directly within the app in the coming months, allowing customers to trade the S&P 500, oil, Bitcoin, and more. Cryptocurrency offerings include Bitcoin Contracts, Micro Bitcoin Futures, Bitcoin Friday Futures, Ethereum Futures, and Micro Ethereum Futures.
We trade futures the Robinhood way,” said JB McKenzie, vice president and general manager of futures and international at Robinhood. “With the lowest fees in the industry and an elegant mobile user interface that makes trading easy, fast and efficient for our customers, there is no reason to trade futures anywhere else.”
Customers can trade with one tap without PDT rules, enjoy 60/40 tax benefits with low fees, and trade in a nearly 24-hour trading window.
Recently, the company launched cryptocurrency transfers in Europe, allowing users to deposit and withdraw over 20 cryptocurrencies and also earn 1% yield on deposits. However, XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, and TIA have been excluded from the service.
Will the Legend Desktop Platform revitalize the market?
The company continues to expand into the financial services industry, currently focusing on derivatives to compete with existing players. The Legend platform allows users to open up to eight charts in one window, providing traders with more technical indicators than its competitors.
“With Robinhood Legends, futures and index options, we are helping our customers harness the power of the markets and take control of their financial future,” said Vlad Tenev, Robinhood Chairman and CEO. “
The company believes its products and services will drive adoption, including in the crypto market as it will in 2021.
HOOD stock closed 0.49% higher at $26.93 on Wednesday. It was up 2.49% in after-market hours and is likely to open even higher today amid the HOOD summit.
Bernstein, a private wealth management firm, predicted Robinhood’s operating profits would soar to about $900 million this year. The company’s market capitalization is expected to soar between $19 billion and $23 billion, and sales are expected to reach $3.4 billion next year, the company’s analysts wrote.
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Varinder Singh
Varinder has 10 years of experience in fintech, with over 5 years dedicated to blockchain, cryptocurrency and Web3 development. A technology enthusiast and analytical thinker, he has shared his knowledge about disruptive technologies in over 5,000 news, articles, and papers. Together with CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He currently covers all the latest information and developments in the cryptocurrency industry.
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