- Robinhood expands its services into the European Union, offering trading in more than 25 cryptocurrencies.
- The platform is introducing a commission-free trading model to its new cryptocurrency app, offering customers additional rewards in Bitcoin based on trading volume.
robin hoodPopular trading and brokerage platform has announced its entry into the European market by launching cryptocurrency trading services for all eligible customers in the European Union. The platform boasts access to over 25 cryptocurrencies for trading, providing a wide range of options for users looking to participate in the digital asset space.
Cryptocurrency-focused European expansion
This development comes shortly after Robinhood recently introduced its stock trading application in the UK. According to Oliver McIntosh, senior product communications manager at Robinhood, the EU market aligns with the company’s international expansion plans. McIntosh highlighted the EU’s progressive approach, particularly by: Regulated Marketplace for Cryptocurrency Assets (MiCA); This laid the foundation for a comprehensive cryptocurrency asset regime.
McIntosh emphasized Robinhood’s commitment to its mission of democratizing finance, saying: “Launching our managed cryptocurrency product for EU customers is an important step forward in that journey.” When asked about future expansion within the EU, McIntosh said Robinhood is currently focused on launching Robinhood Crypto for EU customers and did not share any further details at this time.
Robinhood’s Zero Trading Fees and Customer Benefits
Robinhood’s new cryptocurrency app operates on a commission-free trading model and provides additional incentives to customers by offering a portion of their monthly trading volume in Bitcoin. The platform also emphasizes transparency, allowing companies to observe spreads, including rebates earned from sell and trade orders, directly within the app.
McIntosh highlighted Robinhood’s partnerships with various cryptocurrency trading venues that allow the platform to offer competitive pricing. The company benefits from variable volume rebates offered by these trading venues and ensures that users have access to competitive prices while engaging in cryptocurrency trading.
Robinhood initially announced its intention to enter the European market in November. The recent expansion into Europe follows the suspension of cryptocurrency trading services in the United States six months ago, which was influenced by the increased regulatory pressure and legal proceedings faced by other cryptocurrency companies at the time.