Robinhood is expanding its reach by adding Bitcoin and Ethereum alongside oil and the S&P 500 index as part of its broader strategy to attract experienced traders.
A Robinhood spokesperson told Decrypt on Wednesday that future offerings through the business app are expected in the “coming months.”
The offerings include Bitcoin contracts, micro bitcoin futures, bitcoin friday futures, ethereum futures and micro ethereum futures, the spokesperson said.
Micro futures are small contracts designed to make futures trading accessible to retail and small investors.
The announcement was made during Robinhood's first customer conference, the HOOD Summit, where the company unveiled its new desktop platform, Robinhood Legend.
The platform is designed specifically for active traders with the aim of providing advanced tools and real-time information, including the ability to trade futures and index options directly from the app.
Robinhood is focusing on products to compete with established players such as Charles Schwab and Morgan Stanley E*Trade.
It comes as the crypto market continues to heat up as the price of Bitcoin nears an all-time high of $73,700.
“With the lowest fees in the industry and a beautiful mobile interface, there's no reason to trade futures anywhere,” said JB McKenzie, Robinhood's vice president and general manager of Futures and International, in a statement.
Gold subscribers can trade futures for as low as $0.50 per contract, while non-gold users pay $0.75, undercutting traditional brokers.
The move is expected to generate more interest among cryptocurrency traders seeking more sophisticated exposure to assets such as Bitcoin.
Robinhood Legend, on the other hand, offers advanced charting tools, customizable layouts, and real-time data.
Steve Kirk, chief brokerage officer at Robinhood, said in a statement: “We understand that there is frustration in the supply of antiques, speaking to active dealers.”
“Moving back and forth across apps or platforms can be cumbersome and time-consuming. We set out to reimagine what a modern, intuitively designed proactive marketing platform should look like.”
In the year The platform will support futures and index options trading as it continues to roll out until 2024.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
