Robinhood Announces Bitcoin and Ethereum Futures Trading, Launches ‘Legend’
Highlights
- Robinhood plans to introduce Bitcoin and Ethereum futures trading in the coming months.
- The company has launched its desktop trading platform, ‘Legend,’ along with futures trading and index options.
- HOOD stock price surged during the HOOD Summit.
- A new partnership announcement is anticipated.
Robinhood, the popular commission-free trading platform, is set to expand its offerings by introducing Bitcoin and Ethereum futures trading. This move aims to attract crypto enthusiasts and diversify the trading options available to its users. With the growing interest in digital currencies, Robinhood’s entry into futures trading marks a significant step in enhancing its competitive edge in the market.
In addition to crypto futures, Robinhood has launched its new desktop trading platform, ‘Legend.’ This platform is designed to cater to active traders, providing a more robust and feature-rich trading experience. Alongside this launch, the company has also integrated futures trading and index options into its mobile app, making it easier for users to engage with various investment strategies on-the-go.
The expansion of these features comes at a time when Robinhood is experiencing heightened interest, particularly during its recent HOOD Summit. As the company continues to innovate and adapt to market demands, it aims to solidify its position as a leader in the trading space while enhancing the user experience for both casual and serious investors.
Robinhood to Offer Bitcoin and Ethereum Futures Trading
Robinhood kicked off its inaugural customer-focused conference, the HOOD Summit, by unveiling several exciting products and services. Among the highlights is the launch of the highly anticipated desktop platform ‘Legend,’ along with new futures and index options trading features added to its mobile app. Additionally, the company introduced HOOD Week, which offers exclusive bonuses for users who transfer their accounts from other brokerages.
In the coming months, Robinhood will enable futures trading directly within the app, allowing customers to trade a variety of assets, including the S&P 500, oil, Bitcoin, and more. The crypto futures offerings will include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures, broadening the trading possibilities for crypto enthusiasts.
“We’re doing futures the Robinhood way,” said JB Mackenzie, VP and GM of Futures and International at Robinhood. “With some of the lowest fees in the industry and an elegant mobile user interface, our platform allows customers to trade simply, quickly, and efficiently—making it the go-to place for futures trading.” Customers will benefit from one-tap trading with no pattern day trading (PDT) rules, low commissions, favorable 60/40 tax treatment, and access to nearly 24-hour trading. Recently, the company also launched crypto transfers in Europe, enabling users to deposit and withdraw over 20 cryptocurrencies while earning a 1% yield on deposits, although some cryptocurrencies were excluded from service.
Legend Desktop Platform Set to Boost Markets?
Robinhood is actively expanding its footprint in the financial services sector, now placing a strong emphasis on derivatives to compete with established players. The new Legend platform allows users to open up to eight charts in a single window, offering a wider array of technical indicators than many of its competitors, which positions it as a powerful tool for traders.
“With Robinhood Legend, futures, and index options, we’re empowering customers to harness the full potential of the markets and take control of their financial futures,” said Vlad Tenev, Chairman and CEO of Robinhood. The company believes that its innovative products and services will drive greater adoption across various markets, including cryptocurrencies, similar to the surge seen in 2021.
On Wednesday, HOOD stock closed up 0.49% at $26.93, and it rose an additional 2.49% in after-hours trading, indicating a strong start as the HOOD Summit unfolds. Private wealth management firm Bernstein has projected Robinhood’s operating income to reach approximately $900 million this year, with expectations for revenues to hit $3.4 billion next year. Analysts estimate that the company’s market capitalization could soar between $19 billion and $23 billion.
