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Retail investing platform Robinhood has taken a major step toward expanding its crypto offerings in Europe. Starting this week, European users can now transfer cryptocurrencies in and out of the platform.
On Tuesday, Robinhood announced that EU customers would be able to deposit and withdraw over 20 digital currencies. This includes Bitcoin, Ethereum, Solana, and USD Coin. The functionality allows users to âself-custodyâ their assets, meaning they can manage their own wallets instead of relying on third-party custodians.
A Boon for Crypto Adoption in Europe
Robinhoodâs expansion comes on the heels of the EUâs efforts to standardize cryptocurrency regulations across its member states. Johann Kerbrat, General Manager of Robinhoodâs crypto division, highlighted the potential of the EU market. With the introduction of the Markets in Crypto-Assets (MiCA) regulation, crypto-friendly policies are being put in place across the bloc, creating an enticing environment for digital currencies.
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Kerbrat expressed optimism that MiCAâs full implementation would make the EU major crypto hub. âThe EU can become a very attractive market next year,â he noted, citing MiCAâs potential regulatory regime. This regulatory clarity could help Robinhood gain a foothold in a competitive global market. Investors are watching how this shapes up the exchange amid crypto firms facing challenges in the U.S.
Limited-Time Promotion for EU Users
As part of the rollout, Robinhood is also offering a limited-time promotion for customers in Europe. Users will receive 1% of the value of any crypto they deposit on the platform. This initiative aims to encourage user engagement with the platformâs newly launched features.
Robinhoodâs expansion contrasts sharply with the regulatory hurdles faced by crypto platforms in the U.S. The U.S. Securities and Exchange Commission (SEC) has targeted major players like Coinbase, Binance, and Ripple over claims of dealing in unregistered securities. While Robinhood continues to be regulated by the SEC and FINRA in the U.S., the companyâs pivot toward international markets reflects its strategic diversification.
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Additionally, Robinhood is set to acquire Luxembourg-based crypto platform Bitstamp in a $200 million deal slated to close in the first half of 2025, further solidifying its global expansion plans.
