SEC Target Robinhood Takes Critical Step for Bitcoin (BTC) and Ethereum (ETH)

US trading platform Robinhood announced Bitcoin (BTC) and Ethereum (ETH) futures trading as part of its strategy to attract experienced investors at its HOOD Summit conference on Wednesday.

Robinhood, which expanded its footprint in the futures market by adding Bitcoin and Ethereum to its portfolio, also announced that it has launched its desktop trading platform “Robinhood Legend” and added futures trading and index options on mobile for active investors.

The company said in a statement that it has enabled its customers to trade Bitcoin and Ethereum in addition to the S&P 500 and oil in the coming months, and has launched futures trading directly in the app.

The company's cryptocurrency products include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.

“You asked and we delivered. We’re launching futures trading right in the Robinhood app, allowing customers to trade the S&P 500, oil, Bitcoin, and more.

To kick off our first customer-focused conference for active investors, HOOD Summit, we’re announcing Robinhood Legend, a powerful and stylish desktop trading platform designed specifically for active investors. We’re also launching futures trading and index options on mobile devices.”

In the official statement, it was stated that with the Robinhood Legend platform, customers “will be able to have up to 8 charts in a single window, in addition to charts, a deeper analysis opportunity is provided with dozens of metrics that investors can use to monitor and analyze assets in their watchlists, open orders, positions, and option contracts in an option chain, customers will be able to access real-time data updated at sub-second intervals, and customers can make their transactions quickly and easily.”

With this move, Robinhood appears determined to expand its crypto initiative despite receiving a Wells notice from the SEC in early May.

*This is not investment advice.