Robinhood Crypto Expands Its Cryptocurrency Offerings in the EU, Enabling Deposits and Withdrawals of Over 20 Digital Assets

Robinhood Markets' crypto subsidiary is expanding its cryptocurrency offerings in the EU by enabling customers the ability to deposit and withdraw more than 20 different digital assets

Robinhood Markets’ (NASDAQ:HOOD) crypto arm is now allowing customers in the European Union to deposit and withdraw over 20 cryptocurrencies, including BTC, ETH, SOL, and USDC.

The offering, which was announced on Monday, includes a limited-time promotion where customers will receive a 1% match on all crypto deposits, paid out in the same asset, up to a maximum amount.

Robinhood Crypto, as the unit is called, debuted its service in the EU in December. While users were able to buy and sell cryptocurrencies, they were not able to transfer them to third-party platforms or their own self-custodial wallets.

The press release, which was shared with CryptoPotato, also included comments from Johann Kerbrat, VP and GM of Robinhood Crypto.

With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. Support for deposits and withdrawals gives customers more control over their crypto while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.

In an interview with CNBC, Kerbrat expressed optimism about the European Union’s potential to emerge as a major market for digital currencies. He pointed to the adoption of crypto-friendly regulations as a key factor in this transformation.

According to Kerbrat, the region is set to become increasingly attractive due to its implementation of crypto-friendly regulations, notably the Markets in Crypto-Assets (MiCA) regulation.

Once MiCA is fully implemented, the entire EU will operate under a single regulatory regime, making it easier for crypto businesses to access and operate within the bloc.

He noted that in terms of total addressable market size, the EU could rival the United States, presenting a compelling opportunity for Robinhood as it looks to expand its footprint in the digital currency space.

Robinhood’s Q1 Earnings Beat Expectations

Robinhood’s earnings report, released on May 8, showed substantial growth in its financial metrics for the first quarter of 2024.

The trading platform generated record revenues of $618 million, reflecting a 40% increase compared to the previous year.

Crypto revenue alone surged by 232%, reaching $126 million. The company reported a net income of $157 million, or 18 cents per share, exceeding the average analyst estimate of 6 cents and recovering from a prior year loss of $511 million.

The news comes amid scrutiny from the US Securities and Exchange Commission (SEC), which reportedly issued a Wells notice to the company regarding potential enforcement action over its crypto activities.

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