Robinhood has confirmed plans to expand its cryptocurrency offerings by introducing bitcoin and ether futures, along with a broader rollout of advanced derivatives trading tools.
Announced at the HOOD Summit conference, the platform will soon support futures trading on Bitcoin, Ether and other assets such as the S&P 500 and oil.
Initially reported in July, Robin Hood had no immediate plans for this launch at the time. Now, the company has announced that bitcoin and ether futures will be distributed to users in the coming months, offering products such as Bitcoin Futures, Micro Bitcoin Futures, and Ether Futures via the CME.
Robinhood is also launching its new “Robinhood Legend” desktop app, aimed at active traders and featuring customizable tools and index options.
Robinhood is also considering launching its own stablecoin, betting that tougher regulations in Europe could loosen Tether’s dominance of the $170 billion digital asset market.
However, with the European Union’s Cryptocurrency Markets Regulation (MiCA) set to come into full force later this year, Tether could face new challenges. MiCA requires stablecoin issuers to hold specific licenses, which could force exchanges in the EU to delist non-compliant tokens such as USDT.
Circle, the issuer of USDC, already holds the necessary liquidity EU license and is preparing for an initial public offering in the US. Meanwhile, Tether CEO Paolo Ardoino expressed concerns about the risks posed by EU rules, noting that the company is working on a “technology-based solution” for the region.
In early September, Robinhood Crypto, the company’s cryptocurrency subsidiary, agreed to pay a $3.9 million penalty to settle an investigation by the California Department of Justice.
The investigation found that from 2018 to 2022, Robinhood did not allow customers to withdraw their cryptocurrency, forcing them to sell it back to the platform to exit. The settlement also revealed that Robinhood deceived customers about getting the most competitive prices across multiple trading venues.
Under the agreement, Robinhood must allow customers to withdraw their crypto assets and clearly inform users of any delays in liquidation should network security issues arise.
