Robinhood Launches Crypto Trading App in the European Union
Robinhood, the popular retail trading platform, is expanding its crypto trading services to customers in the European Union (EU). The company has launched a new app that allows users in the region to buy and sell 26 different cryptocurrencies.
In a statement, Robinhood claims that its crypto app offers the lowest average cost compared to other trading platforms in the EU. Additionally, customers using the app can earn a percentage of their trade back in Bitcoin, which will be directly deposited into their account. However, they will have to wait for 30 days before they can sell the rewarded crypto asset.
Robinhood plans to add more tokens, enable crypto transfers, introduce crypto staking, and offer crypto learning rewards on its app by 2024. The company has taken a more cautious approach compared to competitors by supporting a limited number of digital assets and prioritizing product safeguards and education.
The launch of Robinhood’s crypto app in the EU coincides with the implementation of the Markets in Crypto Assets Regulation (MiCA) by the European Union. MiCA aims to establish a clear regulatory environment for the crypto sector to protect consumers.
Johann Kerbrat, General Manager of Robinhood Crypto, states that the comprehensive regulatory policies for crypto assets in the EU were a key factor in choosing the region for international expansion.
Hot Take: Robinhood Enters European Crypto Market
Robinhood’s expansion into the European Union with its new crypto trading app demonstrates its commitment to providing global access to digital assets. With low costs and incentives like earning Bitcoin rewards on trades, Robinhood aims to attract EU customers looking for a safe and secure platform.
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