In a move to extend its influence in the digital asset market, Robinhood has officially launched crypto trading services in the European Union. This comes shortly after the company announced its intentions in a quarterly earnings report.
The move into Europe is a significant expansion for Robinhood, a company primarily known for its role in the meme-stock trading frenzy of early 2021.
Robinhood Crypto Trading Rolls Out in EU
Robinhood’s European foray includes a notable listing of 26 cryptocurrencies. This assortment features SOL, MATIC, and ADA—the tokens for Solana, Polygon, and Cardano blockchains. Interestingly, these cryptocurrencies faced delisting from Robinhood’s US platform earlier in June due to regulatory challenges.
Johann Kerbrat, Robinhood’s head of crypto, highlighted the EU’s robust regulatory framework as a key factor in their decision. He stated:
“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.”
Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?
Since its inception, Robinhood has shown a keen interest in the crypto market. Starting with Bitcoin and Ethereum in 2018, the platform has consistently expanded its crypto offerings, making it a core part of its business model.
Despite regulatory scrutiny and decreased crypto transaction revenues, Robinhood’s commitment to this sector remains unwavering.
Another Foot in the UK
In parallel with its European crypto services, Robinhood is also preparing to launch in the UK in early 2024. This move represents the company’s third attempt at international expansion.
Robinhood’s UK platform plans to offer a broad spectrum of 6,000 US stocks and the convenience of 24-hour trading five days a week. Jordan Sinclair, Robinhood’s UK chief, emphasized the platform’s alignment with the dynamic nature of modern trading:
“Customers actually can make a trade and choose their investment strategy and actually act on that market news.”
Robinhood’s journey has not been without challenges. Past endeavors for UK expansion faced hurdles, including the retraction of plans due to domestic demands during the COVID-19 pandemic. However, the company’s resilience and adaptability are evident in its ongoing efforts to diversify its offerings and explore new markets.
As Robinhood prepares for its UK launch, it is poised to offer unique trading opportunities and redefine retail investing boundaries. Its licensure from the Financial Conduct Authority underscores its compliance with stringent regulatory standards, further cementing its position as a reliable and innovative player in the financial services sector.
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