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Robinhood Markets, Inc. introduced its crypto trading services in the European Union region. With the rollout, eligible European customers will be able to access the company’s digital currency trading feature easily.
Robinhood said on Thursday, Dec. 7, that its offering of crypto trading service in the territory is part of its push to expand its services outside the United States. As per CNBC, the company hopes this move will also help it unlock business growth from global markets.
Features of Robinhood’s Crypto Trading Service in the EU
The California-based American financial services company said its new crypto service offering will enable customers to buy, sell, and hold digital currencies. It will accept transactions for more than 25 tokens, including the most prominent virtual currencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), Polkadot (DOT), and Cardano (ADA).
Next year, Robinhood wants to add more tokens to the list to accommodate other types of cryptocurrencies customers own. The firm will also allow users to transfer or stake, and they will also be able to earn rewards from crypto.
Expansion to Global Markets
The service offering to the EU marks the company’s second major expansion beyond the United States. The move comes just a month after Robinhood revealed its plans to offer stock trading for its customers in the United Kingdom by early 2024. A week earlier, the firm already set up its stock trading application in the U.K., Cointelegraph reported.
Oliver McIntosh, Robinhood’s senior product communications manager, said they are focusing on the expansion in the region. He explained that this is because they believe the EU is the right market to anchor the company’s expansion plans on a global scale.
“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey,” Mcintosh said regarding expansion plans in the future. “We are currently focused on launching Robinhood Crypto for customers in the European Union. We do not have anything more to share at this time.”
