Originally published on: October 01, 2024
Robinhood, the popular trading app from the United States, is making waves in Europe with the launch of its latest feature, ‘crypto transfers.’ This development allows customers to seamlessly deposit and withdraw cryptocurrencies using external platforms.
The crypto subsidiary of Robinhood Markets, Robinhood Crypto, rolled out the crypto transfers feature for its European users on Oct. 1. Now, customers in Europe can easily manage around 20 different cryptocurrencies, including popular options like Bitcoin (BTC) and Ether (ETH), by utilizing other platforms such as crypto exchanges or wallets.
This move by Robinhood comes almost a year after it introduced crypto trading services in Europe back in December 2023. With regulatory pressure mounting in the US, Robinhood’s expansion into the European market is seen as a strategic decision for the company’s continued growth.
Previously, Robinhood’s European customers were limited to buying and selling cryptocurrencies on the platform itself, without the ability to transfer assets to or from other platforms. However, with the introduction of the crypto transfers feature, users can now easily move their crypto holdings in and out of the Robinhood app.
Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto, highlighted the company’s focus on enhancing access to self-custody and decentralized finance (DeFi) for its European users. He emphasized the importance of empowering customers to have more control over their crypto assets.
To start using the new crypto transfer feature, users need to verify their identity and set up two-factor authentication on their account. Once these steps are completed, it may take up to 5 business days for the feature to be activated.
Robinhood’s crypto services in Europe are provided through Robinhood Europe, registered as “RHEC” in Lithuania. The company adheres to Lithuania’s regulatory requirements for virtual currency exchange and depository wallet operations, ensuring a secure and compliant environment for its customers.
With the expansion of its crypto services in Europe, Robinhood aims to offer a seamless and user-friendly experience for crypto enthusiasts in the region. By enabling crypto transfers, the app is paving the way for greater flexibility and accessibility within the crypto market.
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