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In a strategic move, the popular online brokerage platform Robinhood has announced the launch of its cryptocurrency trading feature in Europe. The platform has intentions to expand its range of tokens and introduce additional features, such as cryptocurrency transfers, staking, and educational rewards, in the year 2024.
This development follows Robinhood’s recent expansion plans beyond the United States.
Robinhood Launches Crypto Trading App
Robinhood’s latest crypto product is designed to allow European customers with the ability to buy, sell, and hold more than 25 tokens. Among the featured cryptocurrencies are popular names like Bitcoin, Ethereum, XRP, Cardano, Solana, and Polkadot. The platform aims to broaden its token selection further, with plans to introduce additional cryptocurrencies and enable features like token transfer and staking by 2024.
The Robinhood Crypto app will only be available to individuals in Europe aged 18 and above, effective from December 7th. It is now accessible on both iOS and Android devices.
The newly introduced crypto application imposes no trading fees, and users will also get a percentage of their monthly trading volume back in Bitcoin. The app will display the spread, including the rebate received from sell and trade orders, and will also offer comprehensive pricing to eliminate customer concerns related to concealed fees, ensuring they receive the maximum value in crypto for their Euros.
In an official statement, Johann Kerbrat, GM of Robinhood Crypto said,
“We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratize finance for all. For this reason, we’re thrilled to expand crypto trading to customers throughout the EU, enabling them to buy and sell their favorite tokens safely and securely.”
Why EU?
Robinhood has been cautious about its cryptocurrency operations. In June, the company took proactive measures to voluntarily restrict the trading and holding of specific tokens for its US clientele, coinciding with a period when the government was adopting a more hostile stance toward major trading platforms like Binance and Coinbase.
In contrast to the regulatory scrutiny faced by crypto firms in the US, the European Union has taken a proactive approach by proposing the Markets in Crypto-Assets (MiCA) regulation to ensure the traceability of cryptocurrencies for anti-money laundering purposes and to shield merchants from fluctuations in the market.
While addressing the motive behind choosing Europe, Kerbrat said
“The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”