Trading platform Robinhood Markets, Inc. HOOD shares are trading higher in the morning session on Thursday.
The company announced the Robinhood Crypto trading API, which its crypto customers in the U.S. can use to trade crypto without opening the application.
In addition, under the new development, customers can write their own programs to engage with cryptocurrency markets in real-time, leveraging algorithms and strategies for easy trading.
“With our new crypto trading API, we’re helping customers harness the full potential of Robinhood Crypto with precision and confidence,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
API trading platform is designed for accessibility, enabling even novice coders to trade confidently and accurately, Robinhood highlighted in a release.
“Robinhood Crypto has continued to see its market share increase as customers get access to a growing number of advanced trading tools to help them efficiently navigate the crypto market,” Kerbrat added.
The benefits of the crypto Trading API include – automation and customization, round-the-clock trading, collaboration, and enhanced Security.
The company highlighted that with Robinhood Crypto trading API, customers and traders can independently share their code and trading strategies with others to implement them using their own Robinhood Crypto accounts.
Sneak Peek Into RobinHood’s Crypto-Trading Volumes
Last month, Robinhood reported a significant decline in crypto trading volumes for April, reflecting a broader cooling in retail investor interest in digital assets.
Related: Robinhood Crypto Trading Volume Slumped 57% In April
The trading platform revealed in an operating report that its crypto notional trading volumes dropped to $10.1 billion in April, a steep 57% decrease from March’s $23.6 billion, Bloomberg reported.
Despite this sharp fall, the figures were still 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 threefold increase year over year. The surge in volumes helped boost cryptocurrency-related revenue to $126 million, up 232% year over year. According to the company, the cryptocurrency arm played a vital role in driving total transaction-based revenue to $329 million, up 59% over the same period last year.
Price Action: HOOD shares are trading higher by 3.2% to $21.86 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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