Robinhood Expands Crypto Trading to European Union, Targets International Growth

Robinhood, the popular online brokerage, has announced the launch of its cryptocurrency trading feature in the European Union (EU), signaling its strategic move beyond the United States to tap into international markets. This expansion comes shortly after the company revealed its plans to introduce stock trades for U.K. customers in early 2024.

The new crypto product from Robinhood enables EU customers to buy, sell, and hold more than 25 tokens, including prominent cryptocurrencies such as bitcoin, ether, ripple, cardano, solana, and polkadot. The company has plans to increase the range of tokens offered and introduce additional features, such as the ability to transfer and stake crypto, in 2024.

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This marks Robinhood's second major foray outside the U.S., emphasizing its commitment to unlocking growth opportunities in global markets. The move aligns with the company's recent initiative to introduce stock trades for customers in the U.K., set to be available early next year.

In an effort to entice EU users, Robinhood is introducing incentives such as the ability to earn free bitcoin for customers who actively trade and refer the app to others. Users stand a chance to earn up to one bitcoin based on their monthly trading volume and the number of users they refer.

Crucially, the expansion into the EU comes at a time when several major U.S. cryptocurrency firms are seeking growth opportunities in the European market, driven in part by regulatory challenges in the U.S. The EU has proposed a comprehensive set of regulations known as the Markets in Crypto-Assets Regulation, aiming to establish stricter rules for crypto trading platforms and issuers of stablecoins.

Johann Kerbrat, General Manager for Robinhood Crypto, highlighted the EU's comprehensive crypto asset regulation policies as a key factor in choosing the region for the international expansion of Robinhood Crypto. The company emphasized transparency and security features in its European crypto offering, including the transparent display of spreads on trades and secure storage of customer coins in cold wallets disconnected from the internet.

Robinhood's move into the EU underscores its commitment to providing a user-friendly and secure platform for global customers to engage in cryptocurrency trading, further positioning the company as a key player in the evolving landscape of digital finance.