Robinhood Crypto, the crypto-focused arm of the American financial services company Robinhood, has extended its crypto services by introducing cryptocurrency transfers for its European-based customers. The move comes in response to users’ and investors’ demand for the ability to transact with their crypto deposits more flexibly.
Robinhood Hits Europe With Crypto Transfer Feature
Robinhood Crypto announced via a Tuesday press release that crypto transfers are now available in Europe for 24 crypto assets, including BTC, ETH, SOL, USDC, and other selected cryptocurrencies.
With the latest developments, users in various countries across the continent can now deposit, withdraw, and transfer approved crypto assets directly from the Robinhood mobile app, giving them more flexibility and control over their crypto deposits.
Commenting on the latest initiative, Johann Kerbrat, VP and GM of Robinhood Crypto, said:
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. Support for deposits and withdrawals gives customers more control over their crypto while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.”
To celebrate the latest move, all European Robinhood Crypto customers will receive a 1% match on all their crypto deposits for a limited time starting from the launch date, which will be paid out in their deposited crypto assets.
Robinhood Crypto in Europe
In addition to the just-launched crypto transfer feature, Robinhood has previously offered its European-based users a wide range of crypto services. The firm claims to protect users’ crypto asset deposits by storing funds in cold wallets and provides crime insurance for any security breach.
Moreover, Robinhood acquired U.K.-based crypto exchange Bitstamp in June for $200 million, seeing it as a significant step towards extending its presence in the European financial market and offering broader crypto services to customers.
Back home, Robinhood is facing regulatory challenges. American regulators have threatened legal action against the fintech firm for alleged violations of laws involving its crypto trading services. However, this did not hinder the company from expanding its crypto services, as Robinhood recorded a 224% increase in its trading to reach $36 billion in Q1 2024.
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