European Expansion: Robinhood Unveils Cryptocurrency Transfer Capability
In a significant move, popular retail investing platform Robinhood has announced that it will now allow European customers to transfer cryptocurrencies in and out of its app. This development marks a significant expansion of the company’s product capabilities in the region, as it continues to push forward with its international growth strategy.
Through this new feature, Robinhood’s European users will be able to deposit and withdraw over 20 digital currencies, including prominent ones like bitcoin, ethereum, and solana. This effectively enables users to take full ownership of their cryptocurrency assets, rather than relying on third-party platforms.
The company’s crypto unit general manager, Johann Kerbrat, expressed optimism about the European market’s potential for digital currencies, citing the region’s crypto-friendly regulations. He highlighted the EU’s Markets in Crypto-Assets (MiCA) regulation, which aims to establish harmonized rules for the crypto sector across all member states.
To incentivize users, Robinhood is offering a limited-time promotion, where European customers can receive 1% of the value of tokens deposited on its platform in the form of the equivalent cryptocurrency.
This development comes at a time when US crypto firms are facing regulatory challenges at home. Kerbrat expressed disappointment with the current regulatory environment in the US, where companies are being sued over claims of dealing in unregistered securities.
Robinhood’s expansion into Europe is part of its broader strategy to diversify its crypto business and serve more institutional investors. The company’s recent acquisition of Luxembourg-based crypto platform Bitstamp is expected to provide access to additional international markets and coveted regulatory permissions.
While Robinhood’s crypto services are currently only available to customers in the European Union, the company is expected to expand its offerings to other regions in the future.
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