Robinhood Markets Inc.’s cryptocurrency division, Robinhood Crypto, has taken a significant step towards expanding its European operations by introducing cryptocurrency transfers for its customers. Effective Tuesday, users can now deposit and withdraw over 20 different cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
This new feature grants European users greater flexibility and control over their digital assets. Johann Kerbrat, VP and GM of Robinhood Crypto, highlights the importance of this development, stating, “With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers.”
To celebrate the launch, Robinhood Crypto is offering a limited-time incentive: a 1% match on all cryptocurrency deposits for European customers. This bonus is paid out in the same cryptocurrency deposited, subject to a cap.
Robinhood Crypto aims to attract users with additional benefits, including zero-fee Bitcoin trading, staking rewards, and educational resources. The company emphasizes the security of its platform, highlighting its crime insurance against theft and cybersecurity breaches.
The launch of crypto transfers in Europe is a strategic move by Robinhood Markets as the company continues to expand its reach within the cryptocurrency sector.
Recent reports suggest that Robinhood and Revolut Ltd. are exploring the possibility of launching their own stablecoins, potentially challenging the dominance of Tether (USDT) in the $170 billion stablecoin market.
Analysts are optimistic about Robinhood’s future growth, with Piper Sandler’s Patrick Moley raising the price target for Robinhood stock. He attributes this bullish outlook to the company’s expanding crypto operations and favorable retail trading environment. However, not all news has been positive. Cathie Wood’s Ark Invest has been reducing its holdings in Robinhood, selling off shares amidst fluctuating interest rates and regulatory challenges, including a $3.9 million settlement with California’s Department of Justice over a previous ban on Bitcoin withdrawals.
Robinhood Markets’ stock closed at $23.42 on Monday, down 1.97% for the day. In pre-market trading, the stock edged up 0.81%. Year to date, Robinhood’s stock has surged by 89.33%.
