Retail investment platform Robinhood has made a significant leap in expanding its cryptocurrency offerings, unveiling several new features at its inaugural HOOD Summit.
The platform announced its entry into the crypto derivatives market with the introduction of Bitcoin and Ethereum futures trading. It promises to make it accessible even for newer traders looking to explore the crypto space.
Other features Robinhood promised include the removal of pattern day trading rules, and a nearly 24-hour trading window to allow for increased flexibility in futures trading.
“We’re bringing futures trading to our users with one of the lowest fee structures in the industry,” said JB Mackenzie, Robinhood’s VP and GM of Futures and International.
Robinhood also launched its long-awaited desktop trading platform, “Legend,” designed to enhance the trading experience with advanced tools. The platform allows users to view up to eight charts simultaneously in a single window, offering more detailed analysis compared to what’s available on competing platforms. This is seen as a move to cater to more experienced traders who require in-depth charting tools and technical indicators for their decision-making.
This announcement follows Robinhood’s recent push into the European cryptocurrency market, where users can now transfer more than 20 different cryptocurrencies. However, some tokens, including XRP and ATOM, are still excluded from this service.
This momentum underscores the company’s growing role in the crypto space and its efforts to provide more diverse financial products to its users. Notably, crypto was critical to the platform’s strong financial performance in the second quarter of 2024. The platform reported a 40% year-over-year increase in total net revenues, reaching $682 million, largely driven by cryptocurrency trading. Transaction-based revenues surged by 69%, reaching $327 million, with particularly strong growth in options trading (85%), cryptocurrencies (161%), and equities.
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