Robinhood Markets, the renowned digital trading platform, has broadened its cryptocurrency portfolio with the introduction of micro futures for XRP and Solana, as disclosed in a recent announcement. This move comes as an addition to its existing Bitcoin Friday micro futures service.
Micro futures are smaller-sized futures contracts that enable traders to speculate on or hedge against price fluctuations of various assets like stock indices, commodities, or currencies. These contracts require less capital and carry a lower risk compared to standard futures.
Earlier this year, Robinhood began offering futures products for foreign exchange, indices, commodities, and cryptocurrencies. Its initial set of crypto futures, all cash-settled, incorporated Bitcoin futures, micro Bitcoin futures, Bitcoin Friday futures, and ETH futures. This service was later extended to include XRP and Solana futures.
Just a few weeks ago, Robinhood concluded its $200 million acquisition of crypto exchange Bitstamp, a move that analysts believe will support the U.S.-based trading company’s global expansion. The firm is also reportedly planning to acquire the WonderFi platform, endorsed by Kevin O’Leary.
Disclaimer: This article is intended strictly for informational purposes. It should not be used as legal, tax, investment, financial, or other advice.
