Robinhood Markets’ crypto subsidiary is increasing its cryptocurrency choices within the EU, permitting prospects to deposit and withdraw greater than 20 completely different digital belongings, together with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC).
Robinhood launched cryptocurrency buying and selling companies within the European Union in December. Whereas customers should buy and promote cryptocurrencies, they can not switch them to third-party platforms or their very own self-hosted wallets.
Robinhood’s European Merchandise
Based on a press launch shared with us crypto potatoRobinhood Crypto is providing European prospects a 1% match on all cryptocurrency deposits for a restricted time, paid out in the identical asset, topic to a specified cap.
Johann Kerbrat, vp and basic supervisor of Robinhood Crypto, mentioned when weighing enlargement plans,
With the launch of cryptocurrency transfers in Europe, we’re making it easier and simpler for patrons to self-custody and enter DeFi. Assist for deposits and withdrawals offers prospects extra management over their cryptocurrencies whereas making certain they’ve the identical secure, low-cost and dependable expertise they’ve come to anticipate from Robinhood.
in a interview In an interview with CNBC, Kerbrat expressed optimism in regards to the EU’s potential to change into an necessary marketplace for digital currencies. He emphasised that the adoption of cryptocurrency-friendly laws is a key issue on this transformation.
He believes that the area will change into more and more engaging as a result of implementation of crypto-friendly laws, particularly highlighting the significance of the Marketplace for Crypto-Belongings (MiCA) coverage. Kerbrat even emphasised that after MiCA is absolutely applied, all the EU will function beneath a unified regulatory system to facilitate the entry and operation of cryptocurrency companies.
He famous that the EU may compete with america when it comes to whole addressable market measurement, which might be a pretty alternative for Robinhood because it appears to be like to increase its presence within the digital forex house.
Robinhood’s first-quarter revenue beats expectations
Robinhood earnings report, release On Might 8, the corporate highlighted important development in monetary metrics for the primary quarter of 2024.
Cryptocurrency income alone soared 232%, totaling $126 million. The corporate reported web earnings of $157 million, or 18 cents per share, beating analysts’ common estimate of 6 cents and a big rebound from a $511 million loss the earlier 12 months.
The transfer follows a overview by the U.S. Securities and Trade Fee (SEC). release Wells issued a discover to the corporate indicating potential enforcement motion in opposition to its encryption operations.
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