Robinhood launches crypto transfers in Europe with 1% deposit match

Robinhood Crypto has launched crypto transfers for its customers in Europe, addressing a feature that has been highly requested by users in the region.

According to a press release shared with crypto.news, the launch will allow Robinhood customers to deposit and withdraw more than 20 cryptocurrencies, including major assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). It allows. .

As part of the launch, Robinhood is offering a 1% deposit match on all cryptocurrency deposits for a limited time. The match is paid with deposited cryptocurrency, with a maximum prize of €10,000 per customer.

European customers using Robinhood Crypto can also buy, sell and hold more than 35 cryptocurrencies for what Robinhood claims is the lowest average cost.

Other benefits include zero-fee Bitcoin trading, staking on Solana to earn an estimated 5.23% annual return, and earning unlimited rewards of up to 15% on USD Coin holdings. USDC reward promotion ends December 15.

Johann Kerbrat, vice president and general manager of Robinhood Crypto, said the new feature maintains Robinhood’s features of security, low cost and reliability while offering greater control over crypto assets.

“With the launch of crypto transfers in Europe, we are making storing and engaging in DeFi simpler and more accessible for our customers. “Deposit and withdrawal support gives customers more control over their crypto while ensuring they have the same secure, low-cost and reliable experience they’ve come to expect from Robinhood.”

Johann Kerbrat

Robinhood and crypto

Robinhood has been actively diversifying its crypto offerings and retail investor portfolios this year. The company acquired crypto and AI research platform Pluto Capital, as well as trading platform Bitstamp. Both moves were aimed at expanding Robinhood’s global crypto presence and attracting institutional customers through new product offerings.

Robinhood has made it clear that they plan to use Bitstamp’s established relationships, infrastructure, and industry-leading products.

Robinhood reported a profitable second quarter in 2024, with revenue rising 40% year over year to $682 million as renewed interest in crypto trading rose. While the firm’s crypto transaction-based revenues increased by 161% to $81 million, its crypto assets under custody increased by 57% to $20.6 billion.

Robinhood’s shares are traded on the Nasdaq exchange. Shares are up nearly 90% since the beginning of the year, significantly outperforming rivals like Coinbase, whose shares are up around 14% in 2024.