Robinhood’s ambitious expansion plans continued Thursday with the launch of its crypto mobile app in the European Union. The new service will enable customers on the continent to trade 25+ tokens, including Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH). The surprise announcement is further evidence of Robinhood’s commitment to expanding beyond its traditional US market. The news comes just days after it confirmed plans to bring stock trades to the UK in 2024.
Robinhood’s General Manager, Johann Kerbrat, said that the EU was selected as its “anchor” region for international expansion due to its highly developed crypto laws and regulations – this includes the comprehensive Markets in Crypto-Assets (MiCA) Act. Robinhood believes adhering to these stringent regulations will make its product more appealing to a European audience.
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Enticing customers with other offers is on the cards, too; Robinhood will offer free bitcoins for sign-ups, referrals and specific trading activities. Rather than wait for next year, a decision was made to go live on Thursday (7th December). EU customers will now be able to buy, sell and hold a range of cryptocurrencies during the festive season. Robinhood plans to add more tokens and features in the coming months.
UK customers eager to trade stocks on the app will have to wait a little longer. Robinhood has penned a launch for early 2024 in the UK. However, customers in the region can already join a waiting list, which will offer small yields on customer deposits. The forays into overseas territories come amid mounting scrutiny on crypto companies from the US SEC.
