KEY FACT: Robinhood Crypto, a U.S. crypto trading service arm of Robinhood Markets, Inc, has expanded its crypto services in Europe, now allowing users to deposit and withdraw cryptocurrencies via external wallets and exchanges like Binance. Launched on October 1, 2024, this new feature supports around 24 cryptocurrencies, including Bitcoin and Ethereum. There is a 1% deposit match up on all the crypto that users transfer-in for a limited time. This development follows Robinhood's debut of crypto trading in Europe in late 2023, initially limiting users to buying and selling crypto within the app. The company aims to simplify self-custody and access to decentralized finance (DeFi) while ensuring European regulatory compliance.

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Image Source: Robinhood Crypto

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Robinhood Crypto Launches Crypto Transfers in Europe

Robinhood Crypto, the cryptocurrency services arm of Robinhood Markets, Inc., has launched crypto transfer services across Europe. This feature, introduced on October 1, 2024, allows European users to transfer their crypto holdings to external wallets and major exchanges like Binance. With this expansion in its crypto services, Robinhood now supports transfers of 24 cryptocurrencies, including major assets like Bitcoin (BTC) and Ethereum (ETH), Solana (SOL), USD Coin (USDC), and others. This development was announced through a blog post on October 1.

Robinhood Crypto customers in Europe can now deposit and withdraw 20+ cryptocurrencies, and will earn a 1% deposit match for a limited time. - Source

With a follow-up post on the X platform, Robinhood Crypto announced the offering of a 1% deposit match-up on all the crypto a user transfers to mark the celebration of the new feature. The match-up is paid out in the same cryptocurrency that users deposit, and is subject to a cap. Disclosures are clearly spelt out in the company's platform.

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.
Source

This development marks a step beyond the company's 2023 European debut, where users were only permitted to trade within the app, with no option for external transfers. While positioning itself as a key player in Europe’s crypto sector, Robinhood’s expansion aims to facilitate decentralized finance access while ensuring regulatory compliance and enhanced security features.

Robinhood Crypto's VP and GM, Johann Kerbrat, emphasized that the expansion is a key part of the platform's mission to democratize finance for all. Kerbrat noted that crypto transfers are an essential service, especially for users who want to hold custody of their assets or explore decentralized ecosystems outside centralized platforms.

“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.”

Robinhood’s push into Europe includes a strong focus on adhering to local regulations, an essential aspect given the varying legal frameworks governing cryptocurrency across European countries. The platform has been working diligently to ensure that its services comply with European financial regulations, including anti-money laundering (AML) and know-your-customer (KYC) requirements.

Crypto transfers are available to all eligible Robinhood Crypto customers in Europe today. The company’s plans for Europe include introducing features such as staking, lending, and potentially even more coins for trading and transfers, thus making Robinhood a one-stop shop for crypto enthusiasts and traders alike. This newly rolled out feature pitches Robinhood Crypto as user-sensitive nas well as strategic at the heart of Europe’s expanding cryptocurrency sector.

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