- Robinhood (HOOD) is introducing crypto transfers in Europe, allowing customers to deposit and withdraw over 20 cryptocurrencies.
- The trading app aims to double down on expansion by offering this new crypto capability to European customers.
- Supported cryptocurrencies include bitcoin, ether, solana, and USD coin.
Robinhood has announced that it will allow customers in Europe to deposit and withdraw cryptocurrencies on its platform. This move signals the trading app’s continued expansion into the European market.
Allowing Crypto Transfers
Robinhood will enable transfers of over 20 cryptocurrencies including Bitcoin, Ethereum, Solana and USD Coin. This provides customers more control over their crypto assets compared to just being able to buy and sell on the app.
Currently, Robinhood only allows US customers to deposit and withdraw cryptocurrencies. The added functionality in Europe brings more parity in features between the two markets.
Robinhood’s European Expansion
Robinhood received regulatory approval to operate in the UK at the end of August 2022. This allows the company to provide services to customers across the European Union.
The company plans to roll out cash equities trading in Europe in 2023. Adding crypto transfers is another step to expand Robinhood’s product offering in the region.
Crypto adoption has been growing steadily in Europe. Allowing transfers caters to more seasoned crypto traders who desire more flexibility. At the same time, it lowers the barriers for beginners to start exploring cryptocurrencies.
Robinhood’s Long Term Ambitions
Even as market conditions remain challenging, Robinhood is pushing forward with international expansion plans.
Over the last year, the company has rolled out crypto services in Australia and New Zealand. It also received regulatory approval in Dubai and Singapore.
Crypto represents a big growth opportunity for Robinhood. While the segment accounted for just 4% of transaction-based revenues in 2021, it made up roughly 50% of net cumulative funded accounts.
By expanding crypto capabilities across different regions, Robinhood is betting it can increase adoption of its broader platform over the long run.
