Bloomberg: Robinhood will use its acquisition of Bitstamp to enter the cryptocurrency futures contract market

"Bloomberg" quoted people familiar with the matter as saying that Robinhood, an American online brokerage, is planning to use its upcoming acquisition of Bitstamp to enter the cryptocurrency futures contract market.

Robinhood Markets plans to offer CME Group-based Bitcoin and Ethereum futures in the United States and perpetual futures contracts on Bitcoin and other cryptocurrencies in Europe using a license held by Bitstamp, sources said.

Bloomberg quoted data from cryptocurrency research organization CCData as saying that in May this year alone, the spot trading volume of centralized cryptocurrency exchanges reached US$1.57 trillion, while the derivatives trading volume reached US$3.69 trillion.

A Robinhood spokesperson told Bloomberg: “We have no immediate plans to launch these products.”

Although Robinhood’s cryptocurrency unit received the “Wells Notice” from the U.S. Securities and Exchange Commission (SEC) in early May Notice), but the company is still determined to expand its cryptocurrency business, and cryptocurrency trading volume increased by 224% in the first quarter of this year.

Robinhood announced last month that it intends to acquire veteran cryptocurrency exchange Bitstamp for $200 million, a deal expected to be completed in the first half of 2025. It is reported that Bitstamp has more than 50 licenses and registration certificates around the world. If the acquisition is ultimately implemented, it will give Robinhood access to institutional cryptocurrency customers for the first time.

According to Bloomberg, Robinhood also acquired Marex FCM in March this year, which has the necessary licenses to provide futures in the United States.

Robinhood CEO Vlad Tenev said in an interview with "CNBC" in May this year: "The U.S. SEC clearly has the ability to amend the rules and allow brokers to handle crypto assets, but they do not seem to intend to do so, and instead use enforcement to replace supervision. , this is disappointing. "

We don't want to be in this situation, but we must defend ourselves and advocate for our customers. We believe that cryptoassets will become increasingly important and that it is unacceptable to deny Americans access to them.

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