Robinhood Expands Crypto Services in Europe with Launch of Crypto Transfers
Robinhood Markets, Inc. has taken a significant step in its European expansion by introducing crypto transfers for its customers in the region. This new feature, launched on October 1, 2024, allows users to deposit and withdraw over 20 cryptocurrencies, including popular tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
The move comes as a response to high demand from European users and aims to provide greater flexibility and control over digital assets. Johann Kerbrat, VP and GM of Robinhood Crypto, stated, “We’re making self-custody and entering DeFi simpler and more accessible for our customers.”
To incentivize adoption, Robinhood is offering a limited-time promotion of a 1% match on all crypto deposits, paid out in the same cryptocurrency, subject to a cap of €10,000 per customer.
This latest development builds upon Robinhood’s initial launch of crypto trading services in Europe in December 2023. The company has been strategically expanding its presence in the region, partly in response to regulatory pressures in its home market, the United States.
Robinhood’s European crypto services are offered through Robinhood Europe, UAB (RHEC), which is registered in Lithuania as a virtual currency exchange and depository wallet operator. The company emphasizes its commitment to security, stating that it holds the majority of crypto in cold storage and offers crime insurance against theft and cybersecurity breaches.
In addition to crypto transfers, European customers can access a range of features, including zero-fee Bitcoin trading, Solana staking with an estimated 5.23% APY, and 15% rewards on USDC holdings.
The launch of crypto transfers in Europe aligns with the implementation of the Markets in Crypto-Assets (MiCA) regulation in the EU, which aims to provide a comprehensive framework for crypto assets. This regulatory clarity may have influenced Robinhood’s decision to expand its services in the region.
