Robinhood Takes Major Cryptocurrency Leap: Details Inside
One of the leading stock trading platforms in the USA, Robinhood, has made a significant move into the cryptocurrency market. Here’s the full scoop.
Author:
Mete Demiralp
02.07.2024 – 20:01
Update:
8 hours ago
0
According to Bloomberg, Robinhood Markets, known for its commission-free trading services, is contemplating the launch of cryptocurrency futures in both the US and Europe.
The company aims to utilize the licenses from Bitstamp, a crypto exchange it recently agreed to purchase for $200 million. This acquisition is expected to be finalized next year, enabling Robinhood to extend its services using Bitstamp’s licenses.
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Furthermore, Robinhood is exploring the possibility of introducing CME-based futures for Bitcoin and Ethereum in the US. However, a spokesperson from the company told Reuters there are “no immediate plans to launch these services.”
Despite notable growth in its cryptocurrency division, Robinhood is encountering significant regulatory hurdles in the US. Robinhood Crypto played a crucial role in boosting the company’s earnings in the first quarter. Nevertheless, in the same week, the company disclosed it had received a Wells notice from the US securities regulator concerning tokens traded on its platform. A Wells notice typically indicates that the regulator is considering enforcement action against the company.
*This is not investment advice.
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