Robinhood, a well-known commission-free trading platform, has made a significant announcement regarding its expansion into cryptocurrency trading. The company will soon offer Bitcoin and Ethereum futures trading and has launched its new desktop trading platform called ‘Legend’ during the inaugural HOOD Summit.
New Features and Offerings
As part of its latest developments, Robinhood has introduced several new products and services aimed at enhancing the trading experience for its customers:
Bitcoin and Ethereum Futures Trading: The company plans to roll out futures trading directly in the app over the coming months. This will allow users to trade various assets, including Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.
Legend Desktop Platform: The newly launched Legend platform supports a more robust trading environment with the capability to open up to eight charts in a single window. It offers more technical indicators than its competitors, giving traders a comprehensive toolset for analysis.
Futures and Index Options: Alongside crypto futures, Robinhood has added futures trading and index options to its mobile app for active traders. This move is part of the company’s strategy to compete more aggressively in the financial services sector.
HOOD Summit and Future Expectations
The announcement was made during Robinhood’s first customer-focused conference, the HOOD Summit, where the company also launched HOOD Week. This promotional event offers exclusive bonuses for users who transfer funds from external brokerages.
JB Mackenzie, VP and GM of Futures and International at Robinhood, stated, “We’re doing futures the Robinhood way, with some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently.” Customers will benefit from features such as one-tap trading, low commissions, and nearly 24-hour trading access.
Financial Outlook
The company’s stock price saw a slight increase, closing 0.49% higher at $26.93 on Wednesday and rising 2.49% in after-hours trading, suggesting a positive market reaction to the announcements. Analysts at Bernstein have projected Robinhood’s operating income to soar to approximately $900 million this year, with revenues expected to reach $3.4 billion next year, potentially elevating its market capitalization to between $19 billion and $23 billion.
Robinhood’s expansion into futures trading and the introduction of the Legend platform signify its commitment to enhancing user experience and increasing its competitive edge in the evolving financial landscape.
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