Popular commission-free trading platform Robinhood Markets is considering offering cryptocurrency futures in the United States and Europe in the coming months after its $200 million acquisition of Bitstamp closes next year.

Leading stablecoin issuer Tether is expanding its presence in Turkey through a partnership with local cryptocurrency firm BTguru, aiming to educate Turkish citizens and institutions on the potential of the sector.

Crypto startup Lombard has raised $16 million in funding to develop a Bitcoin-based restaking protocol in partnership with Bitcoin staking protocol Babylon. The firm aims to integrate Bitcoin into the broader decentralized finance ecosystem, where its presence has so far been limited.

Top stories in the Crypto Roundup today:

• Robinhood Eyes Offering Bitcoin and Ether Futures
• Tether and BTguru Sign Memorandum of Understanding to Promote Crypto Education in Turkey
• Crypto Startup Raises $16 Million to Bring Restaking to Bitcoin
• Chart of the Week: Reference Price & Trading Volume on Binance: FET, AGIX, OCEAN

Robinhood Eyes Offering Bitcoin and Ether Futures

Popular commission-free trading platform Robinhood Markets is considering offering cryptocurrency futures in the United States and Europe in the coming months after its $200 million acquisition of Bitstamp closes next year.

The move comes as Robinhood seeks to expand its cryptocurrency offerings, as it’s reportedly looking to leverage licenses from its recently acquired crypto exchange to offer perpetual futures contracts for Bitcoin and other digital tokens in Europe.

The firm is said to also be interested in launching futures contracts tied to Bitcoin and Ether on the Chicago Mercantile Exchange (CME) for the US market. A Robinhood spokesperson said the firm has “no imminent plans to launch these offerings.”

The cryptocurrency derivatives market dwarfs the traditional spot market in terms of global volume, with data from leading cryptocurrency data provider CCData showing that spot trading volumes on centralized exchanges reached $1.58 trillion in May, while derivatives trading volume soared to $3.69 trillion for the same month.

Despite receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC) earlier this year, indicating the agency’s potential enforcement action, Robinhood has been broadening its crypto growth strategy.

Tether and BTguru Sign Memorandum of Understanding to Promote Crypto Education in Turkey

Leading stablecoin issuer Tether is expanding its presence in Turkey through a partnership with local cryptocurrency firm BTguru, aiming to educate Turkish citizens and institutions on the potential of the sector.

The firms signed a memorandum of understanding (MoU) on an agreement that will see Tether assess the development of educational programs targeted at both private and public stakeholders in Turkey.

The MoU also looks to promote peer-to-peer technology, leveraging BTGuru’s connections to facilitate discussions with the country’s financial institutions. Additionally, Tether and BTguru will explore the potential for real-world asset tokenization within the Turkish banking sector, while also evaluating scenarios for integrating digital assets into regional payment networks.

Tether and leading cryptocurrency exchange Binance have been increasing their efforts to participate in the Turkish cryptocurrency ecosystem after local cryptocurrency exchange BtcTurk was hacked for more than $100 million.

Crypto Startup Raises $16 Million to Bring Restaking to Bitcoin

Crypto startup Lombard has raised $16 million in funding to develop a Bitcoin-based restaking protocol in partnership with Bitcoin staking protocol Babylon. The firm aims to integrate Bitcoin into the broader decentralized finance ecosystem, where its presence has so far been limited.

Restaking first emerged on Ethereum with major DeFi protocol EigenLayer attracting over $18 billion in deposits in less than a year by allowing users to earn additional interest on assets that had already been staked to help secure Ethereum. These funds were “restaked” to secure other cryptocurrency protocols using Proof-of-Stake security.

Lombard's restaking solution leverages Babylon's technology, which allows users to employ Bitcoin to secure other Proof-of-Stake networks, addressing liquidity through the introduction of “liquid bitcoin” (LBTC) tokens that function as tradeable receipts on Babylon deposits, allowing users to retain access to their staked Bitcoin.

Chart of the Week: Reference Price & Trading Volume on Binance: FET, AGIX, OCEAN

The first three-way token merger of FET, AGIX, and OCEAN into ASI tokens commenced on July 1, suspending AGIX and OCEAN withdrawals.

FET continued trading at $1.34. The final conversion to ASI is scheduled for mid-July, with a guide provided for self-custody users. Since March 27, FET has declined by 49%.

State of the Crypto by Top Tier Exchange Volume

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