Robinhood Debuts Cryptocurrency Trading Platform in European Market
Robinhood expands into the European crypto market, providing users with a custodial crypto product and a transparent platform. Trade over 25 cryptocurrencies with zero fees.
Brokerage company Robinhood recently launched its cryptocurrency services for all qualified customers in the European Union on December 7. This new offering enables users to trade over 25 different cryptocurrencies. This expansion into the European crypto market follows closely on the heels of Robinhood's introduction of its stock trading app in the UK.
In a conversation with Oliver McIntosh, Robinhood's senior product communications manager, he shared insights into the company's focus on cryptocurrency and its growth strategy in Europe. McIntosh highlighted the EU as an ideal base for Robinhood's global expansion, praising the EU's pioneering efforts in establishing a comprehensive framework for crypto assets through the Market in Crypto-Assets Regulation (MiCA).
When asked about further expansion in the EU, McIntosh stated that:
“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey. We’re currently focused on launching Robinhood Crypto for customers in the European Union. We don’t have anything more to share at this time.”
Robinhood's new crypto app stands out for its zero trading fees and a unique feature where customers earn a portion of their trading volume back each month in Bitcoin. The platform also stresses transparency, enabling users to see the spread and the rebates the company receives from sell and trade orders within the app.
McIntosh explained that Robinhood's crypto platform maintains connections with various crypto trading venues, ensuring competitive pricing through variable volume rebates from these venues.
Robinhood's move into the European market was first announced in November and comes six months after the company ceased crypto trading services in the United States in June, amid increasing regulatory scrutiny and legal challenges faced by other crypto firms.