Robinhood recently launched cryptocurrency trading services for all eligible users in the European Union, with the platform supporting over twenty-five (25) cryptocurrencies.
Robinhood’s entrance into the European cryptocurrency market occurred less than one week after the company introduced its stock trading application in the United Kingdom.
Cointelegraph initiated communication with Oliver McIntosh, senior product communications manager at Robinhood, to obtain information regarding the company’s European expansion strategies and its emphasis on cryptocurrencies.
Mcintosh stated that the European Union is the ideal market to base our plans for international expansion, and Robinhood “applauds the EU’s approach in developing the Market in Crypto-Assets Regulation (MiCA), the first comprehensive regime for crypto assets in the world.”
When asked about prospective EU expansion plans, McIntosh responded:
“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey. We’re currently focused on launching Robinhood Crypto for customers in the European Union. We don’t have anything more to share at this time.”
In addition to having no trading fees, the new cryptocurrency application will return to users a monthly percentage of their trading volume in Bitcoin.
Additionally emphasizing transparency, the app provides customers with the ability to observe the spread, which encompasses the rebate that the company obtains from sell and trade orders.
McIntosh’s statement states that the Robinhood cryptocurrency platform maintains partnerships with crypto trading venues that grant them access to competitive pricing through variable volume rebates.
In November, Robinhood initially disclosed its intentions to enter the European market. In June, the firm ceased support for cryptocurrency trading services in the United States due to escalating regulatory pressure and legal cases against other cryptocurrency firms. This comes six months after the firm’s most recent launch in Europe.
