The US-founded trading platform Robinhood has announced the launch of crypto trading in the EU for eligible customers.
Those in Europe who trade with Robinhood will be able to benefit from a unique initiative, earning bitcoin back on every trade.
What’s more, EU crypto traders who sign up with Robinhood will earn an onboarding reward of up to one BTC, and up to one BTC for every successful referral.
In addition, all Robinhood Crypto customers will have access to buy and sell support for 25+ cryptocurrencies, and the trading platform claims to offer the lowest cost on crypto trading in the EU on average.
Speaking on the launch, Johann Kerbrat, GM of Robinhood Crypto says: “We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratise finance for all.
“For this reason, we’re thrilled to expand crypto trading to customers throughout the EU, enabling them to buy and sell their favorite tokens safely and securely.
“The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”
UK launch to follow Robinhood’s EU crypto rollout
Hot on the heels of launching its crypto trading services in the EU, it is expected that Robinhood will roll out for the first time in the UK early next year (2024).
This represents the stock trading platform’s third attempt to crack the UK market after two previous entry efforts failed.
The first attempt came in 2019, but soaring costs amid the onset of COVID-19 forced Robinhood to withdraw its expansion.
And, in 2022, the company’s attempted acquisition of British crypto-trading app Ziglu fell through, resulting in a US$12m impairment charge for Robinhood’s troubles.
It’s looking very much like third-time lucky for Robinhood, with the stock trading app set to begin its UK offering with 24-hour trading for its customers.
However, it will not yet offer UK stocks and/or additional options like derivatives. These features are expected to come eventually, though, as Robinhood entrenches its presence in the UK.
And, with the launch of Robinhood Crypto in the EU and the attempted acquisition of Ziglu in mind, it stands to reason that a UK crypto offering will be on the cards for Robinhood soon, too.
