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<p>US-based financial services firm Robinhood has expanded its operations into Europe. It now enables users to buy and sell more than 20 cryptocurrencies. Users can also deposit and withdraw their crypto.</p>
<p>This new feature allows users to transfer their cryptocurrencies between their Robinhood account and other wallets or exchanges, giving them more control over their assets.</p>
<h3 class="wp-block-heading" id="h-expanding-cryptocurrency-services-in-europe"><strong>Expanding Cryptocurrency Services in Europe</strong></h3>
<p>Robinhood’s crypto subsidiary introduced this service on the 1st of October 2024, signaling the company’s expansion to Europe. Following the introduction of crypto trading services back in December 2023, Robinhood’s European clients were restricted to trading and holding cryptocurrency only within the application.</p>
<p>The newest feature makes withdrawing assets to other services possible with the transfer to or from Binance.</p>
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   <p lang="en" dir="ltr">You asked, we answered…<br><br>Crypto transfers are now available for 24 assets for all European customers! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>To celebrate, we’re offering a 1% deposit match up on all the crypto you transfer-in for a limited time. Keep reading to learn more.<br><br>Terms apply.<a href="https://twitter.com/hashtag/RobinhoodOnchain?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#RobinhoodOnchain</a> <a href="https://t.co/fOrJH2tW9w" rel="noopener noreferrer nofollow">pic.twitter.com/fOrJH2tW9w</a></p>— Robinhood Crypto EU (@RobinhoodCrypto) <a href="https://twitter.com/RobinhoodCrypto/status/1841032813723763011?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 1, 2024</a>
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<p>Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, stated that this move was the result of customer pressure. Je said,</p>
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 <p>”Support for deposits and withdrawals will let customers manage their crypto better while providing them with the same secure, affordable, and simple experience they get from Robinhood.”</p>
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<h3 class="wp-block-heading" id="h-supported-cryptocurrencies-and-new-incentives"><strong>Supported Cryptocurrencies and New Incentives</strong></h3>
<p>The crypto transfer feature currently encompasses over 20 cryptocurrencies. Among these are the most popular cryptos such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). <a href="https://www.thecoinrepublic.com/2024/03/21/robinhood-crypto-wallet-everything-investors-should-know/" rel="noopener noreferrer nofollow">Robinhood is promoting this new service</a> by giving back 1% of the cryptocurrency users place into the new service for a limited period.</p>
<p>This reward is designed to incentivize users to make use of the transfer feature. It will likely boost user interaction with Robinhood’s app. Subsequently, the new service improves the firm’s foothold in Europe.</p>
<p>It allows more flexibility for both experienced and new crypto users who wish to hold their assets on the platform. Robinhood wants to address the increasing need for DeFi products by providing easy access to self-custodied and third-party platforms.</p>
<h3 class="wp-block-heading" id="h-regulatory-environment-and-future-plans"><strong>Regulatory Environment and Future Plans</strong></h3>
<p>The introduction of crypto transfers takes place at a time when there are growing concerns on the part of the regulators in Europe. The European Union has recently launched the Markets in Crypto-Assets (MiCA) regulation that sets new requirements for the crypto companies in the EU. MiCA focuses on stablecoin regulation, anti-money laundering (AML) measures, and consumer protection.</p>
<p>Nevertheless, Robinhood is not willing to give up on its business in Europe due to the existing regulations. The company’s strategy involves close collaboration with the regulator to guarantee compliance.</p>
<p>Moreover, Robinhood’s crypto services operate under the Lithuanian laws through the entity Robinhood Europe (RHEC) which is supervised by the Financial Crime Investigation Service in Lithuania.</p>
<h3 class="wp-block-heading" id="h-robinhood-s-global-strategy-and-security-measures"><strong>Robinhood’s Global Strategy and Security Measures</strong></h3>
<p>Robinhood has been scaling up its <a href="https://www.thecoinrepublic.com/2024/05/09/robinhood-hood-outperformed-in-q1-2024-crypto-revenues-tripled/" rel="noopener noreferrer nofollow">cryptocurrency offerings</a> across the world while dealing with legal issues. The new feature of crypto transfers is another step in the company’s efforts to expand its presence in the European market.</p>
<p>This year, Robinhood said it would acquire the European-focused cryptocurrency exchange Bitstamp in a deal valued at $200 million, which is expected to be completed in the first half of 2025.</p>
<p>Similarly, Robinhood also aims at the safety of customers’ funds as well. Most of the assets are held in cold storage and the company is insured for crimes including phishing and cyber theft. Kerbrat pointed out that Robinhood has adopted other measures that include scanning of transactions and educating users to be wary of potential scams.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/10/02/robinhood-launches-crypto-transfers-in-europe-details/" rel="noopener noreferrer nofollow">Robinhood Launches Crypto Transfers in Europe: Details</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Robinhood Launches Crypto Transfers in Europe: Details

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