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Robinhood is considering offering cryptocurrency futures in the U.S. and Europe, Bloomberg reports
(Reuters) – Robinhood Markets is considering offering cryptocurrency futures in the United States and Europe in the coming months, Bloomberg News reported on Tuesday, citing people familiar with the matter.
According to the report, the commission-free trading app hopes to use the licenses of cryptocurrency exchange Bitstamp, which it agreed to buy last month in a $200 million deal, once the transaction closes next year.
It also wants to launch CME-based futures for Bitcoin and Ether in the United States.
“We have no imminent plans to launch these offerings,” a company spokesperson said in a statement to Reuters.
The company’s cryptocurrency business is experiencing rapid growth, but it is also facing regulatory hurdles in the United States.
Robinhood Crypto was the driving force behind a dramatic first-quarter earnings beat in May, but the same week it also announced it had received a so-called Wells Notice from the U.S. securities regulator regarding tokens trading on its platform.
The notice is issued when the regulator intends to take enforcement action against a company.
(Reporting by Manya Saini from Bengaluru; editing by Arun Koyyur)