Robinhood Launches Robinhood Crypto in the European Union
This week, Robinhood announced the launch of its cryptocurrency trading app, Robinhood Crypto, in the European Union (EU). The platform aims to take advantage of the increasing interest in crypto in the region by offering Bitcoin rewards based on users’ trading volumes.
Key Points:
- Robinhood has launched its crypto trading app, Robinhood Crypto, in the EU.
- EU users can receive up to 0.325% of their monthly trading volume back in Bitcoin rewards.
- A referral program is also available, offering up to 1 BTC for signing up friends to Robinhood Crypto.
- The app supports over 25 tradeable cryptocurrencies, including Bitcoin and Ethereum.
- Robinhood cited the EU’s crypto asset legislation MiCA as a reason for expanding into the region.
According to Robinhood’s press release, the app is now accessible to eligible adult customers in the EU. This launch follows the recent introduction of Robinhood’s broader investing platform in the United Kingdom.
An attractive feature of Robinhood Crypto is its “Crypto Back” rewards program. Users will receive a percentage back in Bitcoin based on their total monthly trading volume across the available cryptocurrencies.
The BTC rewards range from 0.10% for volumes between €0.10 and €100,000 to 0.325% for volumes over €1 million. However, users must exceed €100 in monthly volume to qualify for rewards. Otherwise, rewards will accumulate until reaching the threshold.
In addition, Robinhood Crypto offers a referral program where current users can earn up to 1 BTC for signing up friends. The average bonus is around €10-€20 in BTC, with only 2% of participants receiving the maximum reward of 1 BTC.
Robinhood’s crypto value proposition includes no trading fees. The platform also provides transparency regarding bid-ask spreads and the trading rebates received from venue partners.
Although the ability to transfer cryptocurrencies on and off the platform will be available later, EU users can currently only trade among the supported coins and tokens.
Robinhood’s decision to expand into the EU was influenced by the region’s crypto regulations, such as the Markets in Crypto-Assets (MiCA) legislation. These regulations provide a cohesive approach to governance across the 27 EU states and enforce standards for disclosure, cybersecurity policies, and coin reserve backing.
With digital asset ownership in Europe tripling since 2019, Robinhood aims to capitalize on the growing adoption of crypto. By offering crypto rewards and a user-friendly experience, Robinhood Crypto hopes to capture a significant share of this growth phase.
Hot Take: Robinhood Expands Crypto Trading App to European Union
Popular trading platform Robinhood has extended its cryptocurrency trading app, Robinhood Crypto, to customers in the European Union. With the launch of its app in Europe, Robinhood aims to tap into the increasing interest in cryptocurrencies by offering Bitcoin rewards based on users’ trading volumes. The app supports over 25 cryptocurrencies and introduces a referral program where users can earn up to 1 BTC for signing up friends. Robinhood cited the EU’s crypto asset legislation MiCA as a factor in expanding into the region. With no trading fees and a transparent interface, Robinhood Crypto hopes to attract European users amidst the growing adoption of digital assets.
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