Robinhood Expands Crypto Transfers to European Customers
Robinhood has launched an expansion of its cryptocurrency services in Europe, enabling users to transfer digital assets on its platform. This new feature allows customers to deposit and withdraw over 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), marking a significant shift from its previous focus on trading alone.
The decision comes amid rising user demand for greater flexibility in managing digital assets, coinciding with the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulation. This regulation aims to create a unified framework for digital assets across all 27 EU member states.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, emphasized the importance of this development, stating that the feature supports a wide range of major cryptocurrencies, empowering users to self-custody their holdings in wallets they control. To encourage adoption, Robinhood is also offering a promotional incentive, rewarding users with 1% of the value of any crypto deposited on the platform, paid in the same cryptocurrency.
This move aligns with the EU's regulatory landscape, which is expected to provide clarity and stability for crypto companies operating within the region. Kerbrat expressed optimism regarding the potential of the European market, noting that MiCA could position the EU as a competitive environment for digital assets, similar to the U.S.
With trading volumes approaching $10 billion per month on centralized exchanges, Europe presents a considerable growth opportunity for Robinhood. The company is also navigating regulatory scrutiny as it expands its crypto services, engaging proactively with regulators to ensure compliance.
In June, Robinhood announced a $200 million acquisition of Bitstamp, a Luxembourg-based cryptocurrency platform, which holds more than 50 licenses worldwide. This acquisition aims to bolster Robinhood's regulatory framework and support its expansion beyond Europe.
Furthermore, both Robinhood and Revolut are reportedly considering entering the $173 billion stablecoin market, although these plans have not been officially confirmed. Amid these developments, the California Department of Justice recently reached a $3.9 million settlement with Robinhood concerning cryptocurrency withdrawal issues that occurred between 2018 and 2022.
