Robinhood has opened its new cryptocurrency trading service to all eligible customers in the European Union, offering more than 25 cryptocurrencies including Bitcoin, Ethereum and XRP.
Popular online brokerage platform Robinhood has announced the launch of its cryptocurrency trading capabilities in Europe as a strategic move. The platform plans to expand its token range and introduce other features such as cryptocurrency transfers, staking, and educational rewards in 2024.
The development follows Robinhood’s recent plans to expand outside of the United States.
Robinhood launches cryptocurrency trading app
Robinhood’s latest crypto product aims to enable European customers to buy, sell, and hold more than 25 tokens. Featured cryptocurrencies include popular names such as Bitcoin, Ethereum, XRP, Cardano, Solana, and Polkadot. The platform aims to further expand its token selection, with plans to introduce more cryptocurrencies and enable features such as token transfers and staking by 2024.
As of December 7, the Robinhood Crypto app is only available to individuals aged 18 and over in Europe. It can now be accessed on iOS and Android devices.
The newly launched crypto app does not charge trading fees, and users will also receive a percentage of their monthly trading volume in Bitcoin. The app will display spreads, including rebates received from sales and trade orders, and will also provide comprehensive pricing to eliminate customers' concerns about hidden fees, ensuring they get the best value for their euro-based cryptocurrencies.
Robinhood Crypto General Manager Johann Kerbrat said in an official statement,
“We believe that cryptocurrency is the financial framework of the future and that it plays an important role in our mission to democratize finance for all. We are therefore delighted to expand cryptocurrency trading to our customers across the EU, enabling them to buy and sell their favorite tokens safely and securely.”
Why the EU?
Robinhood has been cautious about its cryptocurrency business. In June, the company took the proactive step of voluntarily restricting its U.S. customers from trading and holding specific tokens, coinciding with the government taking a more hostile stance toward major trading platforms such as Binance and Coinbase.
Unlike the regulatory scrutiny faced by cryptocurrency companies in the United States, the European Union has taken a proactive approach by proposing the Markets in Crypto Assets (MiCA) regulation to ensure the traceability of cryptocurrencies for anti-money laundering purposes and to protect merchants from market volatility.
Speaking about the motivation behind choosing Europe, Kerbrat said:
“The EU has one of the most comprehensive crypto asset regulations in the world, which is why we chose the region to support Robinhood Crypto’s international expansion plans.” #欧盟 #Robinhood
