Robinhood Launches Crypto Services in the European Union
Trading and brokerage firm Robinhood has recently announced the launch of its crypto services for all eligible European Union customers. The platform will enable traders to buy and sell more than 25 different cryptocurrencies. This move comes just a week after Robinhood launched its stock trading application in the United Kingdom, signaling the company’s expansion into the European market.
Oliver McIntosh, the senior product communications manager at Robinhood, highlighted the EU as the ideal market for the firm’s international expansion plans. McIntosh also praised the EU for creating the world’s first comprehensive regime for crypto assets through the Market in Crypto-assets Regulation (MiCA). He stated, “Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey.”
The new crypto app introduced by Robinhood charges zero trading fees and offers customers a percentage of their trading volume back every month in Bitcoin (BTC). In addition to this, the platform prioritizes transparency by allowing customers to view the spread, including the rebate received by the company from sell and trade orders within the app.
McIntosh also revealed that Robinhood’s crypto platform has partnerships with various crypto trading venues, which allows them to receive competitive prices and variable volume rebates from these venues. The company initially announced its plans to enter the European market in November, and the recent launch in Europe comes after Robinhood ceased support for crypto trading services in the United States due to regulatory pressure and prosecution of crypto firms.
This move by Robinhood is significant as it expands its reach in the global crypto market and provides European Union customers with an accessible and transparent platform for trading cryptocurrencies. With zero trading fees and the opportunity to earn Bitcoin, the new crypto app offered by Robinhood is expected to attract a large number of traders in the European market.