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Robinhood Expands Crypto Trading to EU, Targets Growth

2023.12.08

 

Key Takeaways

  • Robinhood introduces cryptocurrency trading in the EU, expanding its international market presence.
  • The brokerage firm offers various tokens, with plans for more features in 2024.

Robinhood Ventures into EU Crypto Market

In a strategic move to expand its global footprint, Robinhood, a leading online brokerage, announced on Thursday the launch of its cryptocurrency trading feature within the European Union. This marks a significant step for the company as it ventures further into international markets, diversifying its offerings beyond the United States.

 

The new crypto trading service by Robinhood will provide EU customers access to a diverse range of over 25 tokens, including popular cryptocurrencies like bitcoin, ether, and solana. Looking ahead, the company has ambitious plans to expand its token offerings and introduce additional functionalities such as crypto transfers and staking by 2024.

Robinhood’s UK Expansion and Incentive Programs

This development follows Robinhood’s recent announcement to introduce stock trades in the UK by early 2024, marking its second major foray outside the US. The company aims to attract EU users by offering incentives like free bitcoin based on trading volume and referrals.

 

The expansion into the EU is a strategic move amidst stringent regulatory pressures faced by US crypto firms. The US SEC has been scrutinizing several crypto companies, leading firms like Robinhood to explore the EU’s more regulated market. The EU’s proposed Markets in Crypto-Assets regulation aims to establish stricter rules for crypto trading platforms.

Robinhood’s Choice of the EU Market

Johann Kerbrat, the General Manager for Robinhood Crypto, cited the EU’s advanced crypto asset regulation as a key factor in selecting the region for the company’s international crypto expansion. The EU’s comprehensive policy framework makes it an ideal market for Robinhood’s growth ambitions in the crypto space.

Enhancing User Trust with Security Measures

To build user confidence, Robinhood is emphasizing transparency and security in its European crypto offering. The company plans to display trade spreads openly and ensure the separation of customer coins from its operational funds. Additionally, Robinhood’s crypto assets are protected against theft and cybersecurity breaches through a crime insurance policy, backed by Lloyd’s underwriters.

 

The crypto industry has faced significant challenges, including theft and security breaches. Robinhood’s entry into the EU market comes at a time when the industry is recovering from incidents like the HTX exchange and Heco bridge hacks. The firm is positioning itself as a secure and transparent trading platform amidst these challenges.

 


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