Robinhood Markets announced today (Tuesday) the launch of cryptocurrency transfers for its European customers, marking an important expansion of its services in the region.
The new feature enables users to deposit and withdraw two dozen digital assets, including major tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
Robinhood Crypto Launches Cryptocurrency Transfers for European Customers
The move comes in response to high demand from European traders and aims to provide greater flexibility and control over digital assets. To promote the new offering, Robinhood Crypto prepared a limited-time offer of a 1% match on all crypto deposits, paid out in the same cryptocurrency deposited.
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
In addition to crypto transfers, Robinhood Crypto offers a range of services to its European customers, including:
- Trading of over 35 cryptocurrencies
- Commission-free Bitcoin trading with a sign-up bonus
- Staking options for Solana (SOL)
- High-yield rewards on USD Coin (USDC) holdings
- Educational programs with cryptocurrency rewards
“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.”
The company emphasizes it does not lend or leverage customer crypto assets, stores the majority in cold storage, and provides crime insurance against theft and cybersecurity breaches.
Robinhood Expands Cryptocurrency Offerings
The company is making significant strides in expanding its cryptocurrency services. Last week, reports surfaced that the Robinhood is exploring the possibility of launching its own stablecoins.
While it has been offering cryptocurrencies to its American users for some time, it only recently expanded its services to Europe in December 2023. Since then, the company has further enhanced its European crypto offerings by introducing staking services and localizing its app in multiple languages.
In July, Robinhood announced plans to potentially introduce cryptocurrency futures trading in both the United States and Europe. To facilitate this expansion, the company intends to utilize licenses acquired through its recent $200 million purchase of Bitstamp Ltd., a deal set to finalize in the first half of 2025.
According to Robinhood's latest financial report for Q2 2024, cryptocurrency-related revenue has become increasingly important to the company's overall financial health. The firm's transaction-based revenues, which include income from options, cryptocurrencies, and equities trading, saw a significant 69% year-over-year increase, reaching $327 million.
While options trading remained a key revenue driver, growing 43% to $182 million, cryptocurrency trading revenues experienced an impressive surge, more than doubling with a 161% increase to $81 million.
This article was written by Damian Chmiel at www.financemagnates.com.
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