The Robinhood trading platform, based in the US, has broadened its offerings in the cryptocurrency market across Europe, unveiling a new capability that enables users to deposit and withdraw digital assets via external platforms.
This enhancement represents a pivotal advancement for Robinhood, as users in Europe were previously restricted in transferring their digital currencies.
Expanded Access To Crypto Transfers And Trading Features
As stated in a press release issued earlier today, beginning October 1, Robinhood Crypto will now allow its customers in Europe to perform crypto transfers, significantly improving the platform’s utility for those users.
This new capability enables European customers to conduct deposits and withdrawals of approximately 20 different cryptocurrencies, including prominent assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
The company described the addition of crypto transfers as one of the “most sought-after features” requested by users in the region.
This update allows users “greater flexibility” in moving their digital assets between Robinhood and other platforms, such as external exchanges or crypto wallets.
Facilitating digital asset transfers aims to provide users with enhanced control and options for managing their investments beyond the constraints of the trading platform.
The Background Of Robinhood In Europe
Prior to today’s introduction of crypto transfers, Robinhood restricted its European user base to buying and selling digital assets solely within the app.
Consequently, users were unable to transfer cryptocurrency from platforms like Bybit or Binance to Robinhood, nor could they move their crypto from the trading platform to external wallets such as Trustwallet or Metamask for security or additional trading.
Since the original rollout of crypto trading in Europe, the company has concentrated on delivering basic buying and selling features without providing the comprehensive functionality that many users expect from a trading platform.
The launch of crypto transfers today changes this scenario, enabling users to freely move their crypto assets in and out of the Robinhood app.
Johann Kerbrat, the vice president and general manager of Robinhood Crypto, remarked:
With the introduction of crypto transfers in Europe, we’re simplifying self-custody and making entry into DeFi more accessible for our customers. Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they experience the same safe, affordable, and reliable service they have come to expect from Robinhood.
This aligns with the growing trend towards self-custody, where users increasingly prefer to maintain control over their digital assets rather than relying solely on centralized platforms.
Featured image created with DALL-E, Chart from TradingView
