- Robinhood extends its services to the European Union, offering over 25 cryptocurrencies for trading.
- The platform introduces a zero-fee trading model in its new crypto app, providing customers with additional rewards in Bitcoin based on their trading volume.
Robinhood, the popular trading and brokerage platform, has announced its foray into the European market by launching crypto trading services for all eligible customers in the European Union. The platform boasts access to over 25 cryptocurrencies for trading, providing an expansive range of options for users seeking to engage in the digital asset space.
European Expansion Amidst Crypto Focus
This development comes closely on the heels of Robinhood’s recent introduction of its stock trading application in the United Kingdom. According to Oliver McIntosh, the senior product communications manager at Robinhood, the EU market aligns with the company’s international expansion plans. McIntosh emphasized the EU’s progressive approach, especially through the Market in Crypto-Assets Regulation (MiCA), which has laid the groundwork for a comprehensive crypto-asset regime.
McIntosh highlighted Robinhood’s commitment to its mission of democratizing finance, stating, “Launching a custodial crypto product for customers in the EU is a significant step forward in that journey.” When questioned about future expansions within the EU, McIntosh stated that Robinhood is presently focused on rolling out Robinhood Crypto for EU customers, refraining from sharing further details at this juncture.
Robinhood’s Zero Trading Fees and Customer Benefits
Robinhood’s newly introduced crypto app operates on a zero-fee trading model, offering customers an additional incentive by providing a percentage of their trading volume back every month in Bitcoin. Furthermore, the platform emphasizes transparency, enabling users to readily observe the spread, including the rebates obtained by the company from sell and trade orders directly within the app.
McIntosh shed light on Robinhood’s partnerships with various crypto trading venues, which allows the platform to provide competitive pricing. The company benefits from variable volume rebates offered by these trading venues, ensuring users have access to competitive prices while engaging in cryptocurrency transactions.
Robinhood initially unveiled its intentions to venture into the European market in November. The recent expansion into Europe follows the cessation of crypto trading services in the United States six months ago, a move influenced by increasing regulatory pressures and legal proceedings faced by other crypto firms at the time.