Robinhood considering offering crypto futures in US, Europe, Bloomberg reports

(Reuters) – Robinhood Markets is contemplating providing cryptocurrency futures within the U.S. and Europe within the coming months, Bloomberg Information reported on Tuesday, citing folks acquainted with the matter.

The commission-free buying and selling app is hoping to make use of the licenses of crypto trade Bitstamp, which it agreed to purchase final month in a $200 million deal, as soon as the transaction closes subsequent 12 months, the report mentioned.

It additionally needs to launch CME-based futures within the U.S. for Bitcoin and Ether.

“Now we have no imminent plans to launch these choices,” a spokesperson for the corporate mentioned in an announcement to Reuters.

The corporate’s crypto enterprise is seeing speedy progress however can also be dealing with regulatory hurdles within the U.S.

Robinhood Crypto was the driving drive behind an enormous first-quarter earnings beat in Might, however the identical week it additionally disclosed that it acquired a so-called Wells discover from the U.S. securities regulator over tokens traded on its platform.

The discover is issued when the regulator plans to deliver enforcement motion in opposition to an organization.

(Reporting by Manya Saini in Bengaluru; Enhancing by Arun Koyyur)