The Crypto Roundup: 03 July 2024 |

The Crypto Roundup: 03 July 2024 |

The Crypto Roundup: 03 July 2024 | PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Popular commission-free trading platform Robinhood Markets is considering offering cryptocurrency futures in the United States and Europe in the coming months after its $200 million acquisition of Bitstamp closes next year.

The move comes as Robinhood seeks to expand its cryptocurrency offerings, as it’s reportedly looking to leverage licenses from its recently acquired crypto exchange to offer perpetual futures contracts for Bitcoin and other digital tokens in Europe.

The firm is said to also be interested in launching futures contracts tied to Bitcoin and Ether on the Chicago Mercantile Exchange (CME) for the US market. A Robinhood spokesperson said the firm has “no imminent plans to launch these offerings.”

The cryptocurrency derivatives market dwarfs the traditional spot market in terms of global volume, with data from leading cryptocurrency data provider CCData showing that spot trading volumes on centralized exchanges reached $1.58 trillion in May, while derivatives trading volume soared to $3.69 trillion for the same month.

Despite receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC) earlier this year, indicating the agency’s potential enforcement action, Robinhood has been broadening its crypto growth strategy.

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