The Robinhood platform, headquartered in Menlo Park, California, has announced the launch of micro futures for XRP and Solana. These new contracts aim to provide traders with additional opportunities in the derivatives market.
Launch of Micro Futures
Robinhood has recently announced the launch of micro futures for the cryptocurrencies XRP and Solana. Micro futures are smaller versions of the standard cash-settled contracts offered by CME Group. Each micro futures contract for XRP represents 2,500 XRP, roughly equivalent to $5,200 at the current time.
History of XRP Futures
In May, CME Group launched futures for XRP, paving the way for the future approval of spot-based XRP ETFs. These futures managed to attract a substantial trading volume of $542 million per month, indicating strong institutional demand. Additionally, earlier this year, CME rolled out regulated futures for Solana.
Expansion of Robinhood's Offerings
Robinhood officially introduced futures trading in October, beginning initially with oil, the widely tracked S&P 500 index, and other futures products. In January, CME Group and Robinhood announced a partnership that brought several popular futures products to the former's mobile app. In February, the SEC concluded its investigation into Robinhood without taking any enforcement action against the company.
The launch of micro futures for XRP and Solana positions Robinhood as a key player in the cryptocurrency market, expanding opportunities for traders and supporting the growing interest in these assets.
