Popular American trading platform Robinhood announced the expansion of its crypto services to Europe on 1 October 2024.
With this, European users will be able to transfer crypto between their Robinhood accounts and external wallets. This has also been “the most requested feature” in Europe, the company revealed.
Commenting on the development, Johann Kerbrat, VP and GM of Robinhood Crypto said, “With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers.”
By enabling crypto transfers, Robinhood will be able to provide European users with flexibility and control over their digital assets.
BREAKING: @RobinhoodApp LAUNCHES CRYPTO TRANSFERS IN EUROPE – ENABLING CUSTOMERS TO DEPOSIT AND WITHDRAW $BTC, $SOL, $ETH, AND OTHER TOKENS pic.twitter.com/r8gEvOodkp
— DEGEN NEWS (@DegenerateNews) October 1, 2024
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Increased Accessibility To Crypto For European Users
By offering crypto transfers, Robinhood provides European users with increased accessibility to digital currencies. This move empowers users to participate more actively in the crypto market, fostering greater engagement and adoption.
“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,” added Kerbrat.
Robinhood supports a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and more. This diversity enables users to manage multiple digital currencies within a single platform.
Just last month, the company announced its second-quarter earnings, revealing significant growth in cryptocurrency transaction revenues and trading volume.
The company reported $81 million in crypto transaction-based revenues, a 161% rise compared to the same period last year.
The trading platform’s revenue from cryptocurrency transactions has now doubled what it earned from equity transactions in the same quarter.
Related: Robinhood Reports 161% Surge In Crypto Revenue
Robinhood’s Strategic Expansion In Europe
The company’s expansion into Europe intensifies competition among trading platforms in the region.
As Robinhood enters new markets, it must navigate varying regulatory landscapes across different European countries. Compliance with local regulations will be crucial for ensuring smooth operations and maintaining trust with users.
With the motto of democratizing finance for all, Robinhood continues to establish a stronger foothold in the European market. It is looking to cater to the growing demand for cryptocurrency trading and transfers among European users.
The company has been steadily expanding its offerings beyond the US. However, Robinhood’s decision to extend its crypto transfer services to Europe is a strategic step aimed at capturing a larger share of the global cryptocurrency market.
Related: Robinhood Wallet Expands Crypto Offerings With Solana Support
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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