FTX kicks off trading for pre-IPO Robinhood contract

FTX has opened up trading of a new derivative contract tied to Robinhood ahead of the trading app's initial public offering. 

Robinhood submitted its S-1 to go public at the end of March. FTX CEO Sam Bankman-Fried hinted back in December that the exchange might launch a pre-IPO Robinhood contract.

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It wouldn't be the first such product that FTX has rolled out. The exchange created markets for synthetic shares in Coinbase and Airbnb ahead of their market debuts. The pre-IPO contract is designed to roll into a tokenized representation of the real stock once it is listed.

As for Robinhood's FTX debut, the contract (ticker: HOOD) was trading at around $90 at the time of writing.

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