Stock trading and investing platform Robinhood confirmed plans to support bitcoin and ether futures amid a broader rollout of derivatives products and a new desktop platform announced at its HOOD Summit conference on Wednesday.
“You asked and we delivered. We're launching futures trading directly in the Robinhood app, letting customers trade the S&P 500, oil, bitcoin and more,” Robinhood said in a statement.
In July, Bloomberg reported, citing people familiar with the matter, that Robinhood wanted to launch CME-based bitcoin and ether futures in the U.S. and would use Bitstamp's licenses to offer perpetual futures for Bitcoin and other cryptocurrencies in Europe.
However, a Robinhood spokesperson said it had “no imminent plans” to launch such offerings at the time. Robinhood previously announced its intention to acquire the crypto exchange Bitstamp in a potential $200 million deal.
The bitcoin and ether futures products will begin rolling out to customers in the coming months, the firm stated on Wednesday.
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Robinhood already offers access to Bitcoin and Ethereum ETFs in the U.S., and the cryptocurrencies can also be purchased directly via its Robinhood Crypto arm.
Despite its crypto unit receiving a Wells notice from the SEC in early May, Robinhood seems set on expanding its crypto enterprise. The firm is also reportedly mulling a stablecoin launch, though, again, a spokesperson said it had “no imminent plans” to do so.
Robinhood rolls out Legend desktop trading app
In addition to the new futures products, the firm announced the rollout of its new “Robinhood Legend” desktop trading application, designed for active traders who want a fully customizable platform and index options.
“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,” Robinhood Chairman and CEO Vlad Tenev said.
Following the news, Robinhood stock is currently up 2.8% in pre-market trading at $27.69, according to TradingView. HOOD has gained more than 111% year-to-date.