Robinhood Introduces Crypto Transfers for EU Customers, Eyes Market Share

Robinhood
Markets announced today (Tuesday) the launch of cryptocurrency transfers for
its European customers, marking an important expansion of its services in the
region.

The new
feature enables users to deposit and withdraw two dozen digital assets,
including major tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and
USD Coin (USDC).

Robinhood Crypto Launches
Cryptocurrency Transfers for European Customers

The move
comes in response to high demand from European traders and aims to provide
greater flexibility and control over digital assets. To promote the new
offering, Robinhood Crypto prepared a limited-time offer of a 1% match on all
crypto deposits, paid out in the same cryptocurrency deposited.

“With the
launch of crypto transfers in Europe, we’re making self-custody and entering
DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP
and GM of Robinhood Crypto.

In addition
to crypto transfers, Robinhood Crypto offers a range of services to its
European customers, including:

• Trading of
  over 35 cryptocurrencies
• Commission-free
  Bitcoin trading with a sign-up bonus
• Staking
  options for Solana (SOL)
• High-yield
  rewards on USD Coin (USDC) holdings
• Educational
  programs with cryptocurrency rewards

“Support
for deposits and withdrawals gives customers more control over their crypto,
while ensuring they have the same safe, low-cost, and reliable experience they
expect from Robinhood.”

The company
emphasizes it does not lend or leverage customer crypto assets, stores the
majority in cold storage, and provides crime insurance against theft and
cybersecurity breaches.

Robinhood Expands
Cryptocurrency Offerings

The company
is making significant strides in expanding its cryptocurrency services. Last
week, reports surfaced that the Robinhood is exploring the possibility of
launching its own stablecoins.

While it
has been offering cryptocurrencies to its American users for some time, it only
recently expanded its services to Europe in December 2023. Since then, the
company has further enhanced its European crypto offerings by introducing
staking services and localizing its app in multiple languages.

In July,
Robinhood announced plans to potentially introduce cryptocurrency futures
trading in both the United States and Europe. To facilitate this expansion, the
company intends to utilize licenses acquired through its recent $200 million
purchase of Bitstamp Ltd., a deal set to finalize in the first half of 2025.

According
to Robinhood’s latest financial report for Q2 2024, cryptocurrency-related
revenue has become increasingly important to the company’s overall financial
health. The firm’s transaction-based revenues, which include income from
options, cryptocurrencies, and equities trading, saw a significant 69%
year-over-year increase, reaching $327 million.

While
options trading remained a key revenue driver, growing 43% to $182 million,
cryptocurrency trading revenues experienced an impressive surge, more than
doubling with a 161% increase to $81 million.

This article was written by Damian Chmiel at www.financemagnates.com.