Robinhood expands into EU with crypto trading and Bitcoin rewards
The trading platform recently reported a 75% increase in its crypto trading volume for November.
Robinhood has rolled out its cryptocurrency trading platform for customers across the European Union, providing access to over 25 cryptocurrencies, including Bitcoin, Ethereum, and Solana, according to a Dec. 7 statement.
The company positions itself as a safe and regulated option for crypto customers to access the emerging industry, offering to repay a percentage of its customers’ trading volume each month in BTC. The firm said users can also earn referral bonuses in the top cryptocurrency.
Johann Kerbrat, the GM at Robinhood Crypto, said crypto is the “financial framework for tomorrow” and plays a crucial role in his company’s effort to “democratize finance for all.”
As such, the launch is a means of lowering the “barriers to entry for millions more” amid a significant moment for the emerging industry. He added:
“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.”
Meanwhile, this move marks another stride in Robinhood’s global expansion strategy and commitment to democratizing finance. Last week, the firm introduced its stock brokerage services in the United Kingdom.
Besides that, the timing of this launch aligns with the current bullish sentiment in the crypto market. Bitcoin’s price recently reached its highest point in nearly two years amid continued optimism about approval for spot exchange-traded fund (ETF) in the United States.
Similar price performance has been observed across other cryptocurrencies, including Ethereum, during this period.
These price increases have significantly impacted Robinhood’s trading activity. The platform reported a substantial 75% surge in cryptocurrency trading volume in November compared to October.
The improvement marks a reversal for Robinhood, which had witnessed declining crypto trading activities throughout most of the year. For context, the firm’s third-quarter filing revealed a 55% decrease in cryptocurrency notional volumes.