A well-known trading app In the near future, Robinhood plans to expand its cryptocurrency trading services to the European Union (EU).
A well-known trading app In the near future, Robinhood plans to expand its cryptocurrency trading services to the European Union (EU) and begin brokerage operations in the United Kingdom (UK). Robinhood's crypto brokerage services are currently only offered in the United States.
Robinhood highlighted its aspirations for worldwide development in its Q3 earnings statement, which was recently issued. "With an experienced team in place, we will soon launch brokerage operations in the UK," the company added. Following our UK launch, we hope to open crypto trading throughout the EU as another step in our global expansion."
In the United States, Robinhood already allows the trading of several cryptocurrencies, including Bitcoin, Ethereum, Chainlink, Dogecoin, and USDC. However, support for Solana, Polygon, and Cardano was discontinued in June when the Securities and Exchange Commission (SEC) classified these assets as unregistered securities.
Following the release of Robinhood's third-quarter results, the company decided to expand abroad and offer crypto trading in the EU as well as brokerage services in the UK. While total net revenue increased by 29% year on year to $467 million, transaction-based revenue declined by 11% year on year to $185 million. This dip was primarily caused by a 55% drop in crypto revenues to $23 million as a result of lower crypto trading volumes.
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