Cryptocurrency in Focus: Robinhood, a Leading US Stock Market App, Eyes Major Crypto Expansion
Robinhood, a well-known commission-free trading app, is reportedly exploring the possibility of introducing cryptocurrency futures trading in both the US and Europe, according to a recent report by Bloomberg.
This strategic move entails utilizing licenses obtained through the recent acquisition of Bitstamp, a prominent crypto exchange, in a deal valued at $200 million. The acquisition is slated for completion next year, with Robinhood aiming to capitalize on Bitstamp’s licenses to introduce these new services to its platform.
In addition to this initiative, Robinhood is also exploring the prospect of launching CME-based futures for popular cryptocurrencies such as Bitcoin and Ethereum in the US. While there are no immediate plans to roll out these services, a company spokesperson shared this information with Reuters.
Despite experiencing significant growth in its crypto division, Robinhood is grappling with regulatory hurdles within the US market. The company’s crypto arm, Robinhood Crypto, played a pivotal role in driving substantial earnings growth in the first quarter. However, it recently came to light that the firm had received a Wells notice from the US securities regulator regarding certain tokens traded on its platform. A Wells notice typically indicates that the regulator is contemplating enforcement actions against the company.
As Robinhood navigates these challenges, interested investors can explore a diverse range of over 300 cryptocurrencies by registering with Binance exchange through the provided link, which offers a 20% commission discount.
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