The cryptocurrency and stock exchange Robinhood has announced the expansion of its product portfolio by launching micro futures for XRP and Solana.
Launch of Micro Futures
Robinhood has announced the launch of micro futures contracts for cryptocurrencies XRP and Solana. A micro version of the existing 'Bitcoin Friday' futures is also being offered.
Benefits of Micro Futures
Micro futures provide investors the ability to speculate or hedge against asset price changes with lower financial outlay and risk compared to traditional futures. These products are often preferred for assets such as stock indices, commodities, and currencies.
Product Range Expansion
Earlier this year, Robinhood began gradually rolling out futures products for foreign exchange, index, commodity, and cryptocurrency markets. Initially, the focus was on Bitcoin and Ethereum.
With the recent launch of micro futures for XRP and Solana, as well as the acquisition of the cryptocurrency exchange Bitstamp for $200 million, Robinhood continues to actively enhance its offerings in the cryptocurrency market.
