Robinhood has launched its cryptocurrency transfer services in Europe, now users can deposit and withdraw over 20 different cryptocurrencies. This expansion gives European customers more control over their crypto assets, that including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). For a limited time, Robinhood is also offering a 1% match on crypto deposits, giving users added value when they transfer their digital currencies. This update reflects Its efforts to make its crypto services more flexible and accessible in the region.
A New Feature for European Users :
October 1, 2024, Robinhood launched cryptocurrency transfers for its European customers, a much requested feature. This new option allows users to deposit and withdraw their digital assets directly from their accounts, making it easier to move funds between external wallets and exchanges. This feature is ideal for those who want more control over their crypto and prefer to use self-custodial wallets instead of third-party platforms.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, emphasized the company’s goal to make self-custody and decentralized finance (DeFi) more accessible. “Deposits and withdrawals give users more control over their crypto while maintaining the safe, low cost, and reliable service they expect from the exchange,” Kerbrat said this one in CNBC interview.
1% Deposit Bonus for a Limited Time
Robinhood is offering a limited time promotion for European users. Those who deposit cryptocurrencies into their accounts will get a 1% match, paid in the same cryptocurrency. This offer adds extra value for users exploring their crypto services. However, the 1% match has a limit, so users can only earn up to a certain amount on their deposits.
Broader Crypto Services in Europe
Robinhood’s expansion in Europe goes beyond crypto transfers. Customers can buy, sell, and hold over 35 cryptocurrencies with some of the lowest trading fees. Users can trade Bitcoin with zero fees, making it affordable to manage their crypto. New users also get 30 in BTC just for signing up, adding extra value.
Other features include Staking Solana (SOL) with an estimated 5.23% APY, plus a 100% staking earnings match for a limited time. It also offers a 15% reward on USD Coin (USDC) holdings with no limits. receive rewards for discovering more about cryptocurrencies like BTC, PEPE, AVAX, and USDC. These options make Robinhood appealing to both new and experienced crypto traders.
Assurance and Security for Users
Robinhood is committed to security and reliability, especially in its crypto services. Most of its customers’ crypto assets are kept in cold storage, offering extra protection from cyber threats. Robinhood Crypto also does not lend or leverage users’ assets, ensuring that investments stay safe.
Additionally, Robinhood provides crime insurance against theft and cybersecurity breaches, giving users peace of mind. This focus on security makes Robinhood a trusted platform for European users who want to manage their crypto securely.
Challenges on Expanding into the European Market
Robinhood’s launch of crypto transfers in Europe continues its efforts to expand internationally. In December 2023, the company introduced crypto trading in the European Union, allowing users to buy and sell cryptocurrencies. However, users couldn’t transfer assets in or out of the platform until now.
Johann Kerbrat highlighted Europe’s strong potential for digital currency growth, mentioning crypto-friendly regulations like the Markets in Crypto-Assets (MiCA) framework. MiCA will create unified rules for the crypto industry across all 27 EU countries, making the EU an attractive market for platforms like Robinhood.
A Distinct Advantage in the International Marketplace
In June 2024, the company announced, that it would acquire Bitstamp, a Luxembourg-based crypto platform, for $200 million. Bitstamp holds over 50 licenses worldwide, including in Singapore, the U.K., and the EU, giving Robinhood a competitive advantage in its international expansion.
The acquisition is expected to be completed in the first half of 2025 and will enhance Robinhood’s crypto services, especially for institutional investors. Bitstamp’s “crypto-as-a-service” model allows financial firms to create their own crypto services, which Robinhood could use to expand its offerings.
Conclusion
With the launch of crypto transfers in Europe, Robinhood has empowered its users to have more control over their digital assets. European customers can now easily deposit and withdraw over 20 cryptocurrencies, providing them with flexibility, freedom, and security. They also enjoy Robinhood’s low-cost trading and staking services. As the company continues to grow internationally, this new feature marks an important step in its goal to reach an international users.
