Robinhood, has announced that it is expanding its cryptocurrency trading services to customers in the European Union. This means that EU residents can now buy and sell Bitcoin, Ethereum, Dogecoin and other digital assets on Robinhood’s app, without paying any commission fees.
Robinhood is a leading online brokerage platform that offers commission-free trading of stocks, options, cryptocurrencies, and more. The company has attracted millions of users, especially young and novice investors, who value its ease of use, gamified features, and social media presence.
According to a press release, Robinhood will launch its crypto trading services in the UK, Germany, France, Spain, Italy, and the Netherlands in early 2024. Customers in these countries will be able to buy and sell cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and more, with zero commission fees and instant settlement. They will also be able to access real-time market data and news on crypto assets through the Robinhood app.
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Robinhood’s crypto trading services are already available in the US, where the company has over 10 million customers and more than $20 billion in assets under custody. The company claims that it is one of the largest and fastest-growing crypto platforms in the US, with over 6 million crypto traders in 2021.
Robinhood’s expansion to Europe is part of its global vision to empower millions of people to participate in the financial system. The company believes that crypto is a key driver of financial inclusion and innovation, and that it can help create a more equitable and sustainable world.
“We’re thrilled to bring our crypto trading services to Europe, where there is a huge demand and enthusiasm for crypto,” said Vlad Tenev, co-founder and CEO of Robinhood. “We believe that everyone should have access to the tools and information they need to invest in the future of money. We’re excited to join forces with our European customers and partners to make this vision a reality.”
However, Robinhood has also faced significant criticism and scrutiny from regulators, lawmakers, and customers over its business practices, policies, and role in the recent market volatility.
The company said that it wants to make crypto investing more accessible and affordable for everyone, regardless of their location or financial background. Robinhood also claimed that it offers some of the best prices in the market, as it sources liquidity from multiple venues and passes the savings to its customers.
Robinhood’s move into the EU market comes amid growing demand for crypto assets in the region, as well as increased regulatory scrutiny and competition. The company said that it has obtained the necessary licenses and approvals from the relevant authorities, and that it complies with the highest standards of security and compliance.
Robinhood’s crypto trading service is currently available in 10 EU countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Spain and Sweden. The company said that it plans to add more countries and currencies in the future, as well as more features and functionality to its app.
Robinhood’s crypto trading service is separate from its stock trading service, which is only available in the US. The company said that it is working on bringing its stock trading service to the EU as well but did not provide a specific timeline or details.
Robinhood is one of the most popular and controversial online brokers in the US, where it has attracted millions of young and novice investors with its commission-free and gamified platform. However, it has also faced criticism and lawsuits for its role in the GameStop saga earlier this year, as well as for its frequent outages, customer service issues and alleged market manipulation.
