Reported 12 months ago
Robinhood Markets, an online brokerage, is reportedly planning to expand its cryptocurrency business by introducing cryptocurrency futures in the US and Europe in the coming months. Recently, Robinhood announced the acquisition of investment research firm Pluto Capital, known for developing customized investment strategies using AI technology, to enhance its AI investment advisory services and attract a broader customer base. Despite reports, a Robinhood spokesperson denied immediate plans to launch cryptocurrency futures but confirmed ongoing discussions. The company's acquisition of Bitstamp and Pluto Capital signifies its strategic shift towards becoming a comprehensive investment store, aiming to introduce perpetual futures in Europe and exploring the issuance of Bitcoin and Ethereum futures on the CME in the US. The cryptocurrency business has significantly boosted Robinhood's first-quarter profits, but regulatory pressures from the SEC loom. The potential acquisition of Pluto aims to fill the gap in Robinhood's investment advisory services, aligning with its vision to provide modern technology-driven financial services at affordable rates.
Source: YAHOO