July 1 (Reuters) - Robinhood said on Wednesday it
plans to launch crypto trading in the UK and broadened its
perpetual futures offering in Europe beyond cryptocurrencies.
Here are some details:
* Eligible European investors will now be able to trade
perpetual futures tied to commodities, ETFs and foreign exchange
markets, including gold, silver, crude oil and the euro-dollar
pair, with leverage of up to 10 times and round-the-clock
trading, the company said.
* Perpetual futures, commonly known as "perps," are futures
contracts with no expiration date and have drawn significant
attention in the U.S. after the CFTC in May permitted their
trading on domestic exchanges.
* Separately, Robinhood said it plans to roll out crypto
trading for the UK as it seeks to build an all-in-one investing
platform for the region.
* The company also launched Robinhood Earn, a lending
product that allows eligible U.S. users to lend their
dollar-backed stablecoin, USDG, through a self-custody wallet at
an estimated 7% annualized return.
* Robinhood Earn includes insurance for certain losses
stemming from cyberattacks or smart-contract exploits, with the
coverage arranged through Lloyd's of London and RELM.
* The company also announced its entry into Canada following
its acquisition of WonderFi and said it had received a capital
markets services licence in Singapore.
* The trading platform, which serves more than 28 million
customers across 38 countries, has expanded into more financial
services in recent years to reduce its reliance on trading
activity.
* The company posted weaker-than-expected transaction
revenue for the first quarter amid crypto-driven volatility.