Robinhood is preparing to launch Bitcoin and Ethereum futures

Robinhood aims to expand futures trading to Bitcoin and Ethereum, based on Bitstamp's US and European licenses.

Robinhood is preparing to launch Bitcoin and Ethereum futures. Photo: Reuters

According to Bloomberg, Robinhood Markets wants to launch CME-based Bitcoin (BTC) and Ethereum (ETH) futures in the United States. At the same time, they will use Bitstamp's license to offer this type of Bitcoin and other tokens in Europe.

As reported, Robinhood is in the process of acquiring Bitstamp for $200 million, expected to be completed in the first half of 2025. Bitstamp is a long-standing UK cryptocurrency exchange, owning more than 50 licenses. globally licensed and registered. Previously in March, Robinhood successfully acquired Marex FCM to meet the conditions of providing futures trading in the United States.

Taking data from CCData, in May 2024 alone, spot trading volume on centralized exchanges reached 1.57 trillion USD, while monthly derivatives volume reached 3,000 billion USD. 69 trillion USD. Coinbase itself, the largest cryptocurrency exchange in the United States, has also offered derivatives before.

However, a Robinhood spokesperson confirmed, "We have no immediate plans to launch these services."

Despite being warned by the SEC in early May, Robinhood is determined to expand its crypto arm. The company's crypto trading increased by 224% in the first quarter of 2024.

Robinhood CEO Vlad Tenev once shared with CNBC:

"The SEC has the ability to change regulations to allow brokers to accept crypto assets, but they have no intention of doing that, but are clamping down with enforcement orders. It's disappointing. I If we don't want to face this situation, we must protect ourselves and our customers. We believe that cryptocurrencies are becoming increasingly important and that it is unacceptable to prevent Americans from accessing them received for us.”

Previously, Robinhood Crypto announced the launch of Solana (SOL) staking product in the European market (EU), allowing users in this region to earn additional passive income with the flexibility to unstake at any time. .

Besides, the cryptocurrency trading platform of brokerage firm Robinhood Markets Inc. also introduced a "promotion" program for new registered customers, and launched a Learn & Earn event focusing on AVAX, BTC and USDC.

According to the announcement, all three new programs on Robinhood Crypto EU are aimed at helping users earn additional income.

The Solana staking feature on Robinhood Crypto EU will offer an estimated 5.42% APY at launch.

The new customer bonus program will help them earn a 10% bonus of their total net purchases during their first 30 days on the platform. Bounties will be paid in Circle issuer USDC stablecoin.

For the Learn & Earn program, users will receive rewards in the form of tokens when passing courses on Robinhood Crypto EU - similar to the "Learn & Earn" feature of the Binance exchange launched in 2022. Two months ago, former Binance CEO Changpeng Zhao (CZ) also posted a recruitment ad for a "learn-to-earn" platform called Giggle Academy. It is currently unclear where the project is going when CZ is sentenced to 4 months in prison

Explaining the launch of the SOL staking product and not another cryptocurrency, Robinhood Crypto Vice President Johann Kerbrat said:

"In Europe, SOL is the most popular cryptocurrency for Robinhood Crypto customers, and staking on Solana is much simpler than Ethereum. Not only that, the bonding time (the amount of time needed before when staked assets start generating profits) on Solana is faster, only takes about 2 days, while Ethereum needs a few days to a few weeks.

The company said that in the coming weeks, it will launch "localized" versions of the app specifically for users in Italy, Poland and Lithuania, as Robinhood Crypto is very popular in these three countries.

It can be said that this is a "starting love" move for Solana of Robinhood Markets Inc., because in June last year, their US branch was forced to delist SOL because it was on the list of cryptocurrencies. crypto was alleged by the SEC to be a security in its lawsuit against Binance and Coinbase.

Robinhood's efforts to attract users in Europe are probably aimed at "obscuring" the Wells Notice warning from the US Securities and Exchange Commission (SEC) last week alleging violations of the Securities Act.

Currently, Robinhood Crypto EU is listing 33 tokens, in contrast to Robinhood's US trading app, which only offers trading in 15 cryptocurrencies – even fewer in New York and Texas. Solana ecosystem memecoins include BONK and DogWifHat which are listed in the EU but not in the US.