Robinhood is increasing its attain into the futures market by including Bitcoin and Ethereum alongside oil and the S&P 500 index as a part of its broader technique to draw seasoned merchants.
A Robinhood spokesperson advised Decrypt on Wednesday its futures choices through its buying and selling app is predicted within the “coming months.”
The choices will embrace Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures, the spokesperson mentioned.
Micro futures are smaller contracts designed to make futures buying and selling extra accessible to retail and smaller-scale traders.
The announcement was made throughout Robinhood’s first-ever buyer convention, HOOD Summit, the place the corporate launched its new desktop platform, Robinhood Legend.
The platform is designed particularly for lively merchants, aiming to supply refined instruments and real-time knowledge, together with the flexibility to commerce futures and index choices immediately from the app.
Robinhood is positioning its give attention to derivatives as a bid to compete with established gamers like Charles Schwab and Morgan Stanley’s E*TRADE, which already supply crypto futures.
It comes because the crypto market continues to warmth up, with the value of Bitcoin approaching its all-time excessive, close to $73,700.
“With a few of the lowest charges within the trade and a chic cellular interface, there can be no cause to commerce futures wherever else,” JB Mackenzie, Robinhood’s vp and basic supervisor of Futures and Worldwide mentioned in a press release.
Gold subscribers will have the ability to commerce futures for as little as $0.50 per contract, whereas non-Gold customers pays $0.75, undercutting conventional brokerages.
The transfer is predicted to drive additional curiosity amongst cryptocurrency merchants in search of extra refined publicity to belongings like Bitcoin.
Robinhood Legend, in the meantime, will supply superior charting instruments, customizable layouts, and real-time knowledge.
“By speaking with lively merchants, we realized there may be frustration with legacy choices,” Steve Quirk, chief brokerage officer at Robinhood, mentioned within the assertion.
“Transferring backwards and forwards between apps or charting platforms may be cumbersome and time-consuming. We got down to reimagine what a contemporary, intuitively designed lively buying and selling platform ought to seem like,” he added.
The platform will additional help futures and index choices buying and selling because it continues to roll out by 2024.
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