Crypto Transfers Live in Europe via Robinhood’s Platform

Robinhood Markets’ cryptocurrency division is broadening its offerings in the EU by allowing customers to deposit and withdraw over 20 different digital currencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).

Robinhood launched its crypto trading services in the EU last December. Initially, users could buy and sell cryptocurrencies, but they were not permitted to transfer them to external platforms or their own wallets.

Robinhood’s Offerings in Europe

As stated in the press release shared with CryptoPotato, Robinhood Crypto is now offering European customers a 1% match on all crypto deposits for a limited duration, which will be distributed in the same asset, subject to a certain cap.

Discussing the expansion, Johann Kerbrat, VP and GM of Robinhood Crypto, stated,

By introducing crypto transfers in Europe, we’re simplifying self-custody and access to DeFi for our customers. Enabling deposits and withdrawals provides customers more control over their crypto assets while ensuring they enjoy the same safe, low-cost, and dependable experience they have come to expect from Robinhood.

In an interview with CNBC, Kerbrat expressed hope about the European Union’s potential to emerge as a major market for digital currencies. He pointed out that adopting crypto-friendly regulations plays a crucial role in this shift.

He believes that the region is becoming increasingly appealing due to the introduction of crypto-friendly regulations, specifically emphasizing the importance of the Markets in Crypto-Assets (MiCA) policy. Kerbrat further highlighted that once MiCA is fully enacted, the entire EU will function under a cohesive regulatory framework, easing access and operation for crypto enterprises.

He remarked that considering the total addressable market size, the EU could compete with the United States, presenting a lucrative opportunity for Robinhood as it aims to enhance its footprint in the digital currency sector.

Robinhood’s Q1 Earnings Surpass Expectations

Robinhood’s earnings report, published on May 8, revealed remarkable growth in its financial indicators for the first quarter of 2024. The trading platform achieved record revenues of $618 million, indicating a 40% rise compared to the previous year.

Crypto revenue alone skyrocketed by 232%, amounting to $126 million. The company reported a net income of $157 million, or 18 cents per share, which surpassed the average analyst expectation of 6 cents and marked a significant recovery from last year’s loss of $511 million.

This comes amidst scrutiny from the US Securities and Exchange Commission (SEC), which issued a Wells notice to the company, suggesting potential enforcement action concerning its crypto operations.