Robinhood Expands Crypto Services in Europe with New Transfer Feature

Robinhood Markets has officially launched cryptocurrency transfers for its European customers, marking a significant expansion of its services in the region. With this new feature, users can now deposit and withdraw over 20 digital assets, including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).

This addition is a direct response to growing demand from European traders, providing them with more flexibility and control over their digital assets. To celebrate the launch, Robinhood Crypto is offering a limited-time promotion with a 1% match on all crypto deposits, paid in the same cryptocurrency.

Johann Kerbrat, VP and General Manager of Robinhood Crypto, commented, "With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers."

Robinhood's Growing European Crypto Offerings

In addition to cryptocurrency transfers, Robinhood Crypto offers a wide range of services for its European customers, including:

• Trading for over 35 cryptocurrencies

• Commission-free Bitcoin trading with a sign-up bonus

• Staking options for Solana (SOL)

• High-yield rewards on USD Coin (USDC) holdings

• Educational programs with crypto rewards
  

Robinhood emphasizes that it prioritizes user safety by storing the majority of its customers' assets in cold storage, providing crime insurance against theft, and not lending or leveraging customer crypto assets.

Continued Expansion of Robinhood's Crypto Services

Robinhood continues to enhance its cryptocurrency offerings, following reports that the company is exploring the launch of its own stablecoins. Though it has been active in the U.S. crypto market for a while, Robinhood only extended its cryptocurrency services to Europe in December 2023. Since then, it has introduced new features such as staking services and has localized its app for various languages.

Looking ahead, the company is also considering cryptocurrency futures trading in both the U.S. and Europe, facilitated by licenses acquired through its $200 million acquisition of Bitstamp Ltd. This deal is expected to close in the first half of 2025.

According to Robinhood’s Q2 2024 financial report, cryptocurrency-related revenues are playing an increasingly important role in the company’s financial success. Transaction-based revenues, which include options, cryptocurrencies, and equities, saw a 69% year-over-year increase, hitting $327 million. Cryptocurrency trading revenue alone surged by 161%, reaching $81 million.

Robinhood's continued expansion of its crypto services signals its commitment to growing its presence in the digital assets space, both in Europe and globally.