Recently, Robinhood, a well-known brokerage firm, expanded its services to include cryptocurrency trading for eligible customers in the European Union, starting December 7. The service offers trading options for over 25 cryptocurrencies. This move into Europe’s crypto market comes shortly after Robinhood launched its stock trading application in the UK.
Oliver McIntosh, the senior product communications manager at Robinhood, discussed the company’s strategic focus on cryptocurrency and its expansion plans in Europe. He emphasized the EU as a strategic location for Robinhood’s international growth, commending the EU’s innovative Market in Crypto-Assets Regulation (MiCA) for creating a comprehensive crypto asset framework.
Regarding further expansion in the EU, McIntosh remarked:
“Robinhood is committed to making finance accessible to everyone. The introduction of our custodial crypto service in the EU marks a significant advancement in this mission. Our current focus is on rolling out Robinhood Crypto in the European Union, and we have no additional updates to share at this moment.”
Oliver McIntosh
The new Robinhood crypto application is notable for not charging trading fees and offering a unique benefit where customers receive a portion of their monthly trading volume back in Bitcoin. The platform prioritizes transparency, allowing users to view the spread and rebates the company receives from sell and trade orders.
McIntosh noted that Robinhood’s crypto platform has established relationships with various crypto trading venues, which helps them secure competitive prices due to variable volume rebates from these venues.
This expansion into the European market was first announced in November by Robinhood and follows the suspension of its crypto trading services in the United States in June, a decision influenced by increased regulatory scrutiny and legal issues encountered by other crypto firms.
