Crypto transfers are now available in Europe

Robinhood Markets’ crypto subsidiary is expanding its cryptocurrency offerings in the EU by allowing customers to deposit and withdraw over 20 different digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC).

Robinhood debuted its crypto trading service in the EU in December last year. While users could buy and sell cryptocurrencies, they could not transfer them to third-party platforms or their own self-custodial wallets.

Robinhood’s European deals

According to the press release shared with CryptoPotato, Robinhood Crypto offers customers in Europe a 1% match on all crypto deposits for a limited time, which is paid in the same asset, subject to a specified limit.

Weighing in on the expansion plans, Johann Kerbrat, vice president and general manager of Robinhood Crypto, said:

With the launch of crypto transfers in Europe, we are making self-custody and entry into DeFi easier 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 become a major market for digital currencies. He highlighted the adoption of crypto-friendly regulations as a key factor in this transformation.

He believes the region is poised to become increasingly attractive due to its implementation of crypto-friendly regulations, particularly highlighting the importance of the Markets in Crypto-assets (MiCA) policy. Kerbrat even emphasized that once MiCA is fully implemented, the entire EU will operate under a unified regulatory regime, making access and operations easier for crypto companies.

He noted that in terms of total addressable market size, the EU could rival the US, making it an attractive opportunity for Robinhood as it looks to expand its presence in the digital currency space .

Robinhood’s first-quarter earnings beat expectations

Robinhood’s earnings report, released on May 8, highlighted significant growth in its financial metrics for the first quarter of 2024. The trading platform generated record revenue of $618 million, representing an increase of 40% compared to the previous year.

Crypto revenue alone increased by 232%, totaling $126 million. The company reported net income of $157 million, or 18 cents per share, topping analysts’ average estimate of 6 cents, a notable rebound from a year-earlier loss of $511 million.

This comes in the wake of scrutiny from the US Securities and Exchange Commission (SEC), which issued a Wells notice to the company, indicating possible enforcement action regarding its crypto operations.

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