Robinhood has launched a cryptocurrency trading application programming interface (API) for users in the United States. The new API caters to seasoned crypto traders by enabling automated trading strategies, allowing users to react quickly to market movements and trends.
The API allows users to trade cryptocurrencies without needing to open the Robinhood app. It enables traders to write programs that interact with real-time crypto markets, using algorithms and strategies for executing trades.
Robinhood is targeting advanced crypto traders with this tool. The API is designed for those who value high-level functions, allowing them to leverage their technical knowledge for complex strategies. It offers analytics, real-time data processing, and security. To support users, Robinhood has created a dedicated website with API documentation and usage examples.
The API release comes amid Robinhood’s efforts to expand its market share and provide advanced trading tools to help customers navigate the crypto market.
In addition to the crypto trading API, Robinhood recently launched a staking service for Solana (SOL) holders in Europe. The service allows users to stake their SOL tokens through the Robinhood app and receive a 5% yield.
Competitors such as Kraken and Binance offer SOL staking with yields of up to 5% and 8%, respectively. The company also plans to introduce localized versions of its app for users in Italy, Poland, and Lithuania in the coming weeks.
Robinhood reported a strong surge in crypto trading activity in the first quarter of 2024, with a 224% increase in trading volumes to $36 billion. Nearly 40% of its transaction-based revenue came from crypto-related services, leading to the company’s second consecutive profitable quarter with a net income of $157 million.
Despite the growing demand, Robinhood’s crypto business faces several challenges. On May 6, the company received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action against its crypto arm.
The SEC’s investigation focuses on Robinhood’s cryptocurrency listings and custodian operations for alleged securities violations. As a precaution, Robinhood does not offer staking services in the United States, nor does it list certain crypto tokens or provide lending services.
Read More: Robinhood sweetens US crypto offering with trading API
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