The well-known trade app Robinhood has added a new feature that lets its users in Europe move cryptocurrency going in and out of the app. With this update, users can now move more than 20 digital currencies to and from external wallets and platforms like Binance. These currencies include Bitcoin, Ethereum, Solana, and USD Coin. This function is a big step forward for Robinhood in its efforts to grow in the European market.
In Europe, Robinhood started trading cryptocurrencies at the end of 2023. At first, users could only buy and sell within the app. They couldn’t move their crypto from other platforms to Robinhood until now, and they also couldn’t get their funds out of Robinhood and into other banks. Users now have more power over their digital assets because they can enter and withdraw them. This makes self-custody and decentralized finance (DeFi) choices easier to get to.
This move is part of Robinhood’s larger plan to grow internationally, especially since the U.S. government is putting more pressure on the company to do so. In the middle of 2023, the company had to stop serving a number of cryptocurrency trading pairs in its home market. This made it focus more on possibilities in other countries.
Vice President and General Manager of Robinhood Crypto, Johann Kerbrat, said that this new feature is meant to improve the customer experience by giving them a safe, low-cost tool that lets them make deposits and withdrawals. Robinhood says this will give users more power by giving them more choices and control over their crypto investments.
European buyers must prove who they are and turn on two-factor authentication in order to use the new crypto transfer tool. If everything checks out, it could take up to five business days to start the transfer choice.
Crypto services from Robinhood are offered in Europe by Robinhood Europe, which is licensed as RHEC in Lithuania. According to Lithuania’s rules, the business follows the rules for virtual currency swaps and wallet providers. The Lithuanian Financial Crime Investigation Service keeps an eye on RHEC and makes sure that Robinhood follows all the strict rules set by the law.
In the European Union, Robinhood’s new coin features are already available. However, the company has not yet said if it will bring these services to the UK, where it first started offering stock trading services in November of last year.
The company hopes to use its recent purchase of Bitstamp, a coin exchange based in Luxembourg, to help its global growth. We think this deal will be finalized by the middle of 2025. It will help Robinhood reach more people around the world and improve the crypto services it offers.
