Robinhood, a digital brokerage firm has introduced micro-futures contracts for Bitcoin.BTC), Solana (SOLIt is a cryptocurrency (XRP) that allows you to buy and sell cryptocurrencies.XRPCrypto traders can now trade derivatives at a significantly reduced capital requirement.
This new product was launched in the United States officially on Friday. It expands on Robinhood’s existing Crypto Futures Products for Bitcoin and Ether.ETH).
The micro futures contract is a smaller version of the standard futures contract, which allows traders to make speculative bets on an asset’s price movement with much less upfront capital.
Robinhood has announced the launch of its new Robinhood app, which will allow customers to fund their accounts with more than 25,000,000 dollars. entry into crypto futures in January. The company had said at the time that the initial rollout was limited to Bitcoin or Ether.
Robinhood started trading spot cryptocurrency in 2018, but its growth into this area began earlier. Robinhood’s footprint has grown since then.
Related: US futures hit record high, setting Bitcoin up for new peak: Analysts
Robinhood increases its crypto offering through acquisitions
Robinhood’s cryptocurrency offerings have been bolstered by its strategic acquisition of key players.
In June the company reported that they had finished a $200 million acquisition of crypto exchange BitstampThe process resulted in more than 50 registrations and licenses around the world.
This May Robinhood also acquired WonderFi — a Canadian company that operates regulated crypto trading platforms — for $179 million. WonderFi, which owns Bitbuy & Coinsquare and manages billions of customer assets collectively, is the largest crypto trading platform in Canada.
These deals reflect the growing M&A activity in the crypto sector, highlighted by blockbuster transactions like Coinbase’s $2.9 billion acquisition of Deribit Ripple is worth $1.25 Billion takeover of prime broker Hidden Road.
Large M&A deals highlight a growing consolidation trend in the crypto industry, with several companies struggling with challenging macroeconomic conditions and jittery markets, according to Santora lending head Patrick Heusser.
The notable drop in the number of crypto venture capital investments in May was due to these factors. Only 62 transactions were concluded in that month. RootData.
Related: Crypto VC deals hit 2025 low despite $909M raised in May
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Source: cointelegraph.com
