Markets
Robinhood launches crypto trading API
Exchange platform Robinhood Markets, Inc. HOOD stocks are trading higher Thursday morning.
The company announced the Robinhood Crypto Trading API, which its crypto customers in the United States can use to trade cryptos without opening the app.
Additionally, under this new development, customers can write their own programs to interact with cryptocurrency markets in real time, leveraging algorithms and strategies to facilitate trading.
“With our new crypto trading API, we help customers unlock the full potential of Robinhood Crypto with precision and confidence,” said Johann Kerbrat, vice president and general manager of Robinhood Crypto.
The API trading platform is designed for accessibility, allowing even novice coders to trade with confidence and accuracy, Robinhood highlighted in a statement.
“Robinhood Crypto has continued to see its market share increase as customers have access to an increasing number of advanced trading tools to help them navigate the crypto market effectively,” Kerbrat added.
Crypto Trading API benefits include automation and customization, 24-hour trading, collaboration, and enhanced security.
The company highlighted that with the Robinhood Crypto Trading API, customers and traders can independently share their trading code and strategies with others to implement using their own Robinhood Crypto accounts.
Overview of RobinHood crypto trading volumes
Last month, Robinhood reported a significant drop in crypto trading volumes for April, reflecting a broader picture. cooling among individual investors interest in digital assets.
Related: Robinhood cryptocurrency trading volume fell 57% in April
The trading platform revealed in an operating report that its notional crypto trading volumes fell to $10.1 billion in April, a sharp drop of 57% from March’s $23.6 billion. , Bloomberg reported.
Despite this sharp drop, the figures remain up 173% compared to the same period last year.
In its first-quarter results earlier this month, the company disclosed a notional cryptocurrency trading volume of $36 billion, a more than three-fold increase year-over-year. The increase in volumes helped increase cryptocurrency-related revenue to $126 million, up 232% year-over-year. According to the company, the cryptocurrency arm played a vital role in bringing total transaction-based revenue to $329 million, up 59% from the same period last year.
Price Action: HOOD shares are trading up 3.2% at $21.86 at last check Thursday.
Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
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