Robinhood Adds Bitcoin, Ether Futures to New Derivatives Lineup

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CCN2024/10/16 16:00

By:CCN

Key Takeaways

Robinhood is expanding its new derivatives lineup with Bitcoin, Ethereum, oil, and S&P 500 index futures.
The derivatives products will begin rolling out to customers in the coming months.
The new announcements follow Robinhood acquiring Bitstamp for $200 million in June.

Robinhood has announced it will be expanding future trading options with Bitcoin (BTC) and Ethereum (ETH) , as the financial services company looks to attract more traders.

The new lineup also includes oil and the S&P 500 index, which will eventually also be available on the company’s new trading desktop platform, Robinhood Legend.

Robinhood Expands Futures Market

On Wednesday, Oct. 16, Robinhood announced at the HOOD Summit that it would launch futures trading directly into its trading app, with extended Bitcoin and Ethereum trading options.

Futures contracts, known as “futures,” are financial tools representing agreements between traders to buy or sell an asset for a price at a future date.

The company’s new crypto offerings will include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.

“We’re doing futures the Robinhood way,” said JB Mackenzie, VP and GM of Futures and International at Robinhood, in a statement.

“With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else,” he added.

Robinhood’s new futures options will begin rolling out to customers in the coming months.

Long Time Coming

Since the launch of its crypto services in 2018, Robinhood has been wholly focused on the spot market. However, reports emerged in June that the trading platform was considering crypto futures contracts once its deal with Bitstamp got finalized.

Upon the acquisition announcement, Robinhood CEO Vlad Tenev said Bitstamp’s “global footprint” and “industry-leading products” were reasons for the purchase.

It appears Robinhood has pushed its offerings forward, as its $200 million acqusition of Bitstamp is not expected to fully close until the 2025.

The acquisition has pushed Robinhood to leverage Bitstamp’s strengths, which already lists futures contracts on a range of crypto assets.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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