Robinhood Expanding Crypto Trading Services in EU and UK
Robinhood, a popular trading app, is planning to expand its crypto trading services to the European Union and open brokerage operations in the UK soon. Currently, its crypto brokerage services are only accessible in the United States.
In their Q3 earnings statement, Robinhood announced that they would launch brokerage operations in the UK and subsequently introduce crypto trading in the EU. In the U.S., Robinhood currently supports the trading of various crypto assets, including Bitcoin, Ether, Chainlink, Dogecoin, and USDC. However, the platform ended support for Solana, Polygon, and Cardano due to SEC’s legal complaint against Coinbase and Binance.
Robinhood’s Q3 Results
The decision to expand comes after Robinhood reported a decline in transaction-based revenue and a 55% drop in crypto revenues to $23 million in Q3. The company’s stock price fell by around 10% following the release of their quarterly results. Despite this setback, Robinhood’s co-founder and CEO Vlad Tenev remains optimistic about the company’s future and its ability to provide industry-leading products that cater to customers’ financial needs.
Hot Take: Challenges Ahead for Robinhood
While Robinhood’s expansion into the EU and UK market seems promising, the decline in their Q3 results raises concerns about potential challenges ahead. It remains to be seen how the company will navigate these obstacles as it ventures into new territories and seeks to regain market confidence.
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