Robinhood Launches Cryptocurrency Services in the European Union
Summary:
Robinhood has expanded its cryptocurrency services to all eligible customers in the European Union, allowing trading of over 25 cryptocurrencies. The platform prioritizes transparency by providing customers with insight into spread information and rebates from sell and trade orders. The announcement comes one week after Robinhood launched its stock trading app in the UK, marking a continuing sequence of the firm's expansion into international markets.
Robinhood, the trading and brokerage company, declared on 7 December that it has made its cryptocurrency services available to all qualified customers within the European Union. Over 25 cryptocurrencies will be on offer for purchase and sale through the platform. This new development in the European crypto market follows the company's UK introduction of its stock trading app just one week prior. Oliver McIntosh, Robinhood's senior manager for product communications, was approached by Cointelegraph to shed light on the company's crypto-centric focus and expansion strategy in Europe. He noted that the firm views the EU as a suitable market to cement its global growth plans and appreciates the EU's efforts to formulate the first thorough structure for crypto assets via the Market in Crypto-assets Regulation (MiCA).
Regarding further expansion strategies in the EU, McIntosh stated that Robinhood is on a mission to democratize finance for everyone, and as such, launching a custodial crypto product in the EU aligns with this. Currently, the focus is the EU, and no additional information is available at this time. The recently released crypto app eliminates trading fees, while also giving customers a percentage of their monthly trading volume back as Bitcoin (BTC). The platform emphasizes openness by making spread information and the company's sell and trade order-related rebates accessible in the app. McIntosh shared with Cointelegraph that Robinhood's crypto platform partners with several crypto trading destinations to secure the best prices, facilitated by volume rebates from those venues. The company initially announced its intent to enter the European market last November. This newest European launch arrives half a year after the discontinuation of the crypto trading services in the U.S due to surging regulatory pressures and legal actions against crypto firms in June.
Published At
12/7/2023 12:58:20 PM
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