Robinhood Launches Crypto Transfers in Europe with 1% Deposit Match

Highlights:

• Robinhood launches crypto transfers in Europe, enabling deposits and withdrawals of over 20 cryptocurrencies.
• Users gain greater control over digital assets, including Bitcoin, Ethereum, Solana, and USD Coin.
• For a limited time, Robinhood offers a 1% deposit match in the same cryptocurrency deposited.

Robinhood launches crypto transfers in Europe, allowing users to deposit and withdraw over 20 cryptocurrencies. According to the statement, the move empowers European customers with greater control over their digital assets. The platform supports popular cryptocurrencies like Bitcoin, Ethereum, Solana, and USD Coin.

Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, stated, “With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers.” The new feature addresses high demand from users in the region.

You asked, we answered…

Crypto transfers are now available for 24 assets for all European customers! 🎉

To celebrate, we’re offering a 1% deposit match up on all the crypto you transfer-in for a limited time. Keep reading to learn more.

Terms apply.#RobinhoodOnchain pic.twitter.com/fOrJH2tW9w

— Robinhood Crypto EU (@RobinhoodCrypto) October 1, 2024

Expanded Cryptocurrency Support

European customers can now buy, sell, and hold over 35 cryptocurrencies at competitive rates. Robinhood claims to offer the lowest average costs in the market. Users can trade Bitcoin with zero fees and receive $30 in BTC upon signing up.

Besides, customers can stake Solana (SOL) to earn an estimated 5.23% annual percentage yield. A 100% staking earning match is available for a limited period. Users can also earn 15% rewards on USD Coin holdings with no limit.

For a limited time, Robinhood Crypto offers a 1% deposit match on all crypto deposits. The match is paid in the same cryptocurrency deposited, up to a cap. These promotions aim to attract new users and enhance engagement. Additionally, users can earn rewards for learning about cryptocurrencies such as Bitcoin, PEPE, Avalanche (AVAX), and USD Coin. The platform encourages education to promote informed investing.

Security and Compliance

Robinhood emphasizes the security of customer assets. The company holds the majority of crypto in cold storage and does not lend or leverage customer assets. Moreover, customer accounts are backed by industry-leading security measures.

Robinhood offers crime insurance against theft and cybersecurity breaches. The company operates under regulatory compliance, holding necessary licenses and engaging with regulators proactively. Kerbrat noted that the European Union presents an attractive market due to favorable regulations like the Markets in Crypto-Assets (MiCA) framework.

He said:

“We are a large company, and we’re used to dealing with regulators. From the beginning, we had engagement with them and discussions with them.”

Robinhood’s expansion into Europe aligns with its strategy to broaden its global presence. The company seeks to leverage new markets and regulatory environments. This launch comes amid increased regulatory scrutiny in the crypto industry. Robinhood aims to navigate these challenges by emphasizing compliance and customer protection. The platform is positioning itself as a gateway to DeFi, simplifying access for retail investors. By offering crypto transfers, Robinhood empowers users with asset control.

Currently, Robinhood’s crypto trading, deposit, and withdrawal functionalities are available to customers in the European Union. The company has not yet made these services available in the United Kingdom. It had launched its stock trading service in the UK in November last year. It plans to expand its crypto services there in the future.

Recently, Robinhood announced that it is in the process of acquiring Luxembourg-based crypto platform Bitstamp. Robinhood values the deal at approximately $200 million and expects it to close in the first half of 2025. This acquisition is intended to help Robinhood gain access to more international markets and obtain regulatory permissions globally. Bitstamp holds over 50 licenses and registrations worldwide, including in Singapore, the United Kingdom, and the European Union.