Robinhood investing platform announced on Tuesday that it is expanding its cryptocurrency services in Europe, allowing users to transfer digital assets in and out of its platform. This new feature enables customers in the European Union to deposit and withdraw over 20 cryptocurrencies, including bitcoin, ethereum, solana, and USD coin, as part of the company’s broader international expansion efforts.
With this move, Robinhood’s European users can now “self-custody” their assets, meaning they can take full ownership of their cryptocurrencies through a personal wallet instead of relying on a third-party platform. Previously, Robinhood Crypto, launched in the EU in December last year, only allowed users to buy and sell cryptocurrencies without the option to transfer them off the platform.
Johann Kerbrat, general manager of Robinhood’s crypto division, highlighted the EU’s potential as a favorable market for digital currencies, thanks to the bloc’s upcoming Markets in Crypto-Assets (MiCA) regulation. Once fully implemented, MiCA will standardize crypto rules across all 27 EU member states, creating a unified regulatory framework. Kerbrat noted that the EU is poised to be as large a market as the U.S., making it a key focus for Robinhood’s growth.
As a promotional offer, Robinhood is giving European customers 1% of the value of any tokens they deposit on its platform, paid back in the form of the same cryptocurrency.
The expansion comes as U.S. crypto firms face increasing regulatory challenges, with the Securities and Exchange Commission (SEC) taking legal action against platforms like Coinbase, Binance, and Ripple. Robinhood, which operates under the regulation of the SEC, FINRA, and holds a BitLicense from the New York State Department of Financial Services, has expressed dissatisfaction with the regulatory climate in the U.S.
In June, Robinhood announced its acquisition of Luxembourg-based crypto platform Bitstamp, a $200 million deal expected to close in 2025. This acquisition will provide Robinhood with enhanced global reach, access to additional international markets, and over 50 licenses and registrations, including in the EU, the U.K., and Singapore. The deal will also help Robinhood cater to institutional investors through Bitstamp’s “crypto-as-a-service” offering, allowing banks and financial institutions to launch their own crypto services.
Currently, Robinhood’s crypto services are available only to EU customers, while its stock trading service has been available in the U.K. since November last year. However, U.K. customers do not yet have access to Robinhood’s crypto services.
The post <a href="https://www.unlock-bc.com/130181/robinhood-expands-crypto-services-in-europe-offering-self-custody-and-transfers/" rel="noopener noreferrer nofollow">Robinhood Expands Crypto Services in Europe, Offering Self-Custody and Transfers</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Robinhood Expands Crypto Services in Europe, Offering Self-Custody and Transfers

UNLOCK_ENG

Other articles published on Oct 2, 2024

Ripple vs. SEC: Will the Case Reach a Critical Turning Point?

Kraken Expands European Reach with Acquisition of Dutch Crypto Broker BCM

Automobili Lamborghini, Animoca Brands, and Motorverse to Launch Fast ForWorld Gaming Platform

Bittensor (TAO) and These 2 Coins Are Safe Bets Amid the Geo-Political Tension

QCP Capital Analyzes the Impact of Middle Eastern Tensions on Financial Markets

Binance Adds Risk Warnings for Major Tokenomics Changes

Join our free newsletter for daily crypto updates!