Robinhood
Markets Inc., the favored commission-free buying and selling platform, is making strikes in
increasing its cryptocurrency choices and geographical attain. The corporate has launched
its providers in Hawaii, Puerto Rico, and the US Virgin Islands, whereas
concurrently exploring the potential of introducing cryptocurrency futures
buying and selling in each the USA and Europe.
Robinhood Expands Crypto
Choices, Eyes Futures Buying and selling in US and Europe
The
growth into Hawaii comes on the heels of a regulatory change by the state’s
Division of Commerce and Shopper Affairs, which now not requires
cryptocurrency providers to acquire a cash transmitter license to function within the
state. This transfer has opened the door for Robinhood to faucet right into a market
beforehand identified for its strict monetary rules.
Due to
this newest replace, Robinhood Crypto providers can be found in each US state besides New York. Nevertheless, the method of acquiring licenses in varied
administrative areas of the USA has been prolonged, stretching
over the past six years.
Crypto buying and selling on Robinhood is now accessible in Hawaii, Puerto Rico, and the US Virgin Islands 🔥 pic.twitter.com/rpO4WDoLK3
— Robinhood (@RobinhoodApp) July 2, 2024
Crypto Futures within the US and
Europe Quickly
In a
parallel improvement, sources aware of the matter revealed to Bloomberg
that Robinhood is contemplating providing cryptocurrency futures within the US. and
Europe within the coming months. The corporate reportedly plans to leverage licenses
from its
current $200 million acquisition of Bitstamp Ltd., a deal anticipated to shut
within the first half of 2025.
The corporate more and more focuses on cryptocurrency providers in Europe, having launched a
staking service slightly below two months in the past. Presently, it’s based mostly solely on
the Solana token, however it’s anticipated to be expanded to incorporate further property
sooner or later.
Robinhood contemplating providing crypto futures in US, Europe, Bloomberg studies https://t.co/qgbfe7PzyC pic.twitter.com/QEaiAboIim
— Reuters Tech Information (@ReutersTech) July 2, 2024
If the
plans materialize, Robinhood may supply perpetual futures for Bitcoin and
different digital tokens in Europe, using Bitstamp’s present licenses. Within the US,
the corporate is eyeing the launch of CME-based futures for Bitcoin and Ethereum.
Nevertheless, a Robinhood
consultant cautioned that these plans will not be set in stone, stating,
“Now we have no imminent plans to launch these choices.”
The
potential transfer into crypto derivatives comes at a time when the worldwide market
for such merchandise is booming. Latest knowledge from crypto researcher CCData
signifies that in Might, derivatives buying and selling volumes reached $3.69 trillion, surpassing
the $1.58 trillion in spot buying and selling on centralized exchanges.
Regardless of
receiving a Wells discover from the US Securities and Alternate Fee
earlier this 12 months, Robinhood seems undeterred in its crypto ambitions. The
firm has been actively broadening its cryptocurrency technique, as evidenced
by its Bitstamp acquisition and the current obtainment of a futures dealer
license from Marex.
This text was written by Damian Chmiel at www.financemagnates.com.
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