Quick take:
The two companies join a growing list of crypto service providers that have been looking to expand their services into Europe.
Earlier this year, Coinbase expanded its reach in Europe by obtaining registration with the French markets regulator, Autorité des Marchés Financiers (AMF).
In April, the European Parliament adopted the Markets in Crypto-Assets (MiCA) regulation, previously approved in May 2023.
The European Union is quickly emerging as a hub for crypto companies as more players continue to expand into the region. Robinhood Crypto, the cryptocurrency unit of the financial trading platform, Robinhood Markets is the latest to join the list after launching cryptocurrency transfer services in the EU economic zone.
The company announced on Tuesday that it will offer customers in Europe the ability to transfer crypto in and out of its app. Users of the Robinhood app will be able to deposit and withdraw more than 20 digital currencies through the platform, including Bitcoin, Ethereum, Solana, and USD coin, among others.
Commenting on the announcement, Johann Kerbrat, VP and GM of Robinhood Crypto said in a statement: “With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. Support for deposits and withdrawals gives customers more control over their crypto while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.”
Robinhood’s announcement comes barely a day after Matrixport, a crypto financial services provider based in Singapore expanded into Europe following an all-cash acquisition of the Switzerland-based crypto assets manager, Crypto Finance. Crypto Finance, Switzerland, was previously part of the Deutsche Börse Group-owned Crypto Finance Group (CFG).
Matrixport is renaming its Swiss acquisition to Matrixport Asset Management AG, which will focus on providing institutional-grade crypto investment solutions as it manages the first FINMA-approved crypto fund.
Commenting on the acquisition, John Ge, Co-Founder and CEO of Matrixport, said: “We are delighted with the establishment of MAM and warmly welcome the team to the Matrixport family. The acquisition enables clients access to the most innovative, compliant crypto asset management products, and aligns with our strategy to further expand services in Europe.”
Matrixport’s and Robinhood’s expansion in Europe comes on the heels of German banking institution Commerzbank’s partnership with Crypto Finance Germany to provide crypto trading services to its customers. As part of the agreement announced last month, Commerzbank will provide custody services while Crypto Finance will enable the trading of digital assets, starting with Bitcoin and Ether.
All this is happening following the European Parliament’s adoption of the Markets in Crypto-Assets (MiCA) regulation, previously approved in May 2023.
MiCA introduces a set of rules created to establish a harmonised regulatory framework for crypto-assets in the European Union. The rules also advocate for innovation, and advancement of crypto-asset use while ensuring financial stability of issuers and service providers.
In January this year, US-based crypto exchange platform Coinbase continued its expansion into the EU region by obtaining registration with the French markets regulator, Autorité des Marchés Financiers (AMF).
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The post The EU’s Position in Crypto Grows Stronger as More Companies Expand Into the Region appeared first on NFTgators .