Robinhood Markets’ crypto subsidiary is increasing its cryptocurrency choices within the EU by enabling prospects the power to deposit and withdraw greater than 20 totally different digital property together with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC).
Robinhood debuted its crypto buying and selling service within the EU in December of final 12 months. Whereas customers may purchase and promote cryptocurrencies, they have been unable to switch them to third-party platforms or their very own self-custodial wallets.
Robinhood’s European Choices
In response to the press launch shared with CryptoPotato, Robinhood Crypto is offering prospects in Europe with a 1% match on all crypto deposits for a restricted time, which is paid out in the identical asset, topic to a specified cap.
Weighing on the enlargement plans, Johann Kerbrat, VP and GM of Robinhood Crypto, mentioned,
With the launch of crypto transfers in Europe, we’re making self-custody and getting into DeFi less complicated and extra accessible for our prospects. Help for deposits and withdrawals offers prospects extra management over their crypto whereas guaranteeing they’ve the identical secure, low-cost, and dependable expertise they anticipate from Robinhood.
In an interview with CNBC, Kerbrat expressed optimism concerning the European Union’s potential to change into a major marketplace for digital currencies. He highlighted the adoption of crypto-friendly rules as a key issue on this transformation.
He believes the area is poised to change into more and more engaging attributable to its implementation of crypto-friendly rules, notably highlighting the importance of the Markets in Crypto-Belongings (MiCA) coverage. Kerbrat even went on to emphasise that after MiCA is absolutely carried out, your entire EU will function underneath a unified regulatory regime, facilitating simpler entry and operations for crypto companies.
He famous that when it comes to complete addressable market measurement, the EU may rival the US, making it a gorgeous alternative for Robinhood because it seems to be to develop its presence within the digital forex house.
Robinhood’s Q1 Earnings Exceed Expectations
Robinhood’s earnings report, launched on Could 8, highlighted vital progress in its monetary metrics for the primary quarter of 2024. The buying and selling platform generated document revenues of $618 million, representing a 40% improve in comparison with the earlier 12 months.
Crypto income alone surged by 232%, totaling $126 million. The corporate reported a internet revenue of $157 million, or 18 cents per share, exceeding the common analyst estimate of 6 cents, a marked restoration from the prior 12 months’s lack of $511 million.
This comes within the wake of scrutiny from the US Securities and Change Fee (SEC), which issued a Wells discover to the corporate, indicating potential enforcement motion with regard to its crypto operations.
Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome provide on Binance (full particulars).
LIMITED OFFER 2024 at BYDFi Change: As much as $2,888 welcome reward, use this hyperlink to register and open a 100 USDT-M place without spending a dime!
