Robinhood, the trading and brokerage firm, has announced the launch of its crypto services for eligible customers in the European Union (EU) on December 7.
Robinhood, the trading and brokerage firm, has announced the launch of its crypto services for eligible customers in the European Union (EU) on December 7. The platform will enable traders to buy and sell more than 25 cryptocurrencies. According to Robinhood, it will be “the only custodial crypto platform where customers will get a percentage of their trading volume back every month, paid in Bitcoin (BTC).”
The newly introduced crypto app charges zero trading fees on over 25 cryptocurrencies available on the platform. It emphasizes transparency by allowing customers to view the spread, including the rebate received by the company from sell and trade orders within the app. Robinhood's crypto platform has established relationships with various crypto trading venues, enabling them to obtain competitive prices through variable volume rebates from those venues.
Johann Kerbrat, General Manager of Robinhood Crypto, 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.”
The EU introduced Markets in Cryptoassets (MiCA) earlier in June, which is a clearly defined regulatory framework for crypto-assets, aiming to bring clarity and stability to the crypto industry. The framework is expected to fully take effect in December 2024.
Robinhood initially announced its plans to enter the European market in November. This European launch comes as the firm saw a 75% month-on-month surge in crypto trading volume for November in the United States. Vlad Tenev, Robinhood co-founder and CEO, said that the platform could eventually achieve “nine figures” in annual revenue as retail interest for digital assets picks up.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
