Robinhood Markets’ crypto subsidiary is expanding its cryptocurrency offerings in the EU by enabling customers the ability to deposit and withdraw more than 20 different digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC).
Robinhood debuted its crypto trading service in the EU in December of last year. While users could buy and sell cryptocurrencies, they were unable to transfer them to third-party platforms or their own self-custodial wallets.
Robinhood’s European Offerings
According to the press release shared with CryptoPotato, Robinhood Crypto is providing customers in Europe with a 1% match on all crypto deposits for a limited time, which is paid out in the same asset, subject to a specified cap.
Weighing on the expansion plans, Johann Kerbrat, VP and GM of Robinhood Crypto, said,
With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. 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.
In an interview with CNBC, Kerbrat expressed optimism about the European Union’s potential to become a significant market for digital currencies. He highlighted the adoption of crypto-friendly regulations as a key factor in this transformation.
He believes the region is poised to become increasingly attractive due to its implementation of crypto-friendly regulations, particularly highlighting the significance of the Markets in Crypto-Assets (MiCA) policy. Kerbrat even went on to emphasize that once MiCA is fully implemented, the entire EU will operate under a unified regulatory regime, facilitating easier access and operations for crypto businesses.
He noted that in terms of total addressable market size, the EU could rival the United States, making it an attractive opportunity for Robinhood as it looks to expand its presence in the digital currency space.
Robinhood’s Q1 Earnings Exceed Expectations
Robinhood’s earnings report, released on May 8, highlighted significant growth in its financial metrics for the first quarter of 2024. The trading platform generated record revenues of $618 million, representing a 40% increase compared to the previous year.
Crypto revenue alone surged by 232%, totaling $126 million. The company reported a net income of $157 million, or 18 cents per share, exceeding the average analyst estimate of 6 cents, a marked recovery from the prior year’s loss of $511 million.
This comes in the wake of scrutiny from the US Securities and Exchange Commission (SEC), which issued a Wells notice to the company, indicating potential enforcement action with regard to its crypto operations.
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