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Robinhood Crypto, the crypto arm of trading platform Robinhood, is launching crypto transfers for its customers in Europe.
The US exchange launched its crypto trading service in the EU in December of last year but it did not allow users to move their cryptocurrencies from the platform to a self-custodial wallet or third-party platform.
Now, customers in Europe can deposit and withdraw more than 20 currencies including Bitcoin, Ethereum, Solana, USDC, and more.
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
“Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.”
Robinhood Crypto is also offering European customers a 1% match on their crypto deposit, which is paid out in the same cryptocurrency they deposit in.
Kerbrat told CNBC that Europe "can become a very attractive market next year," adding that once the EU’s landmark Markets in Crypto-Assets (MiCA) is initiated, all EU countries will fall under the same regime.
“In terms of total addressable market, [the EU] is as big as the U.S.,” he said. “It’s definitely an interesting market for us.”
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In July, Robinhood said it was looking to offer cryptocurrency futures in the US and Europe, following the exchange's $200 million acquisition of Bitstamp, which is expected to be completed next year.
Robinhood will leverage the Luxembourg-based crypto exchange’s licenses to offer perpetual futures for Bitcoin and other tokens in Europe. CME-based futures for Bitcoin and Ether are also being considered in the US.
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Robinhood has also been busy contemplating the launch of its own stablecoin. This potential move comes as the trading platform aims to broaden its reach beyond stock trading into the rapidly expanding cryptocurrency sector. With traditional financial institutions and emerging fintech competitors encroaching on its territory, Robinhood sees an opportunity to attract a new audience and improve transaction functionalities.
Stablecoins could allow Robinhood to streamline transactions, potentially reducing fees for users and increasing engagement. Given the company’s history of disrupting traditional trading models, this initiative aligns with its ongoing commitment to democratize finance.
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