Robinhood (Nasdaq: HOOD) announced today (Thursday) that it had executed its expansion plans by launching crypto trading services in the European Union. Like US users, Europen customers of the platform will be able to trade over 25 crypto trading pairs.
The platform is offering crypto services in the EU under Lithuania-registered Robinhood Europe, UAB, which is licensed by the Bank of Lithuania as a virtual currency exchange and virtual currency depository wallet operator.
While the existing offerings are limited to crypto trading, Robinhood Crypto plans to expand next year, adding more tokens, crypto transfers, and staking.
Robinhood’s European Expansion Plan
The retail commission-free broker first unveiled its European expansion plans last month. On top of that, it has plans to launch brokerage services in the United Kingdom. However, whether it would offer crypto trading on the island across the English channel is unclear.
“We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratize finance for all,” said Johann Kerbrat, the GM of Robinhood Crypto, in an official blog post.
“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.”
Demand for Crypto Trading Skyrockets
The platform expanded its crypto trading services outside the US when demand for the asset class was skyrocketing. Bitcoin is witnessing an extremely bullish rally, approaching $45,000 a piece, while other cryptocurrencies are also increasing.
Recently, Robinhood revealed that its crypto trading volume jumped 75 percent from the previous month in November. This uptick came when the platform witnessed a slump of 55 percent in crypto volumes in the third quarter of the year.
However, the crypto offerings of Ronhood, with only over 25 cryptocurrencies, are much smaller than some of the dedicated crypto exchanges, which often list hundreds, if not thousands, of trading pairs.
To beat its competitors in the EU, Robinhood Crypto is offering a reward scheme to users, paying a percentage of their trading volume in Bitcoin every month. Furthermore, it offers referral bonuses of up to 1 BTC for every user.
This article was written by Arnab Shome at www.financemagnates.com.
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