Trading and brokerage firm Robinhood announced the launch of its crypto services to all eligible customers in the European Union on December 7. The platform will allow traders to buy and sell more than 25 cryptocurrencies.
Robinhood's entry into the European crypto market comes just a week after the firm launched its stock trading app in the United Kingdom.
Cointelegraph reached out to Oliver McIntosh, senior product communications manager at Robinhood, to understand the company's crypto approach and expansion plans in Europe. Mcintosh said the EU is the right market to anchor our international expansion plans, and Robinhood “welcomes the approach the EU has taken in creating the world's first comprehensive regime for crypto assets through the Market in crypto Assets Regulation (MiCA). “.
When asked about future expansion plans in the EU, Mcintosh said:
“Robinhood's mission is to democratize finance for everyone, and launching a crypto custody product for EU customers is an important step forward on that path. We are currently focused on launching Robinhood crypto for customers in the European Union. We have nothing more to share at this time.”
The new crypto app charges no trading fees and clients will also receive a percentage of their trading volume each month in bitcoin (btc). The new platform also prioritizes transparency, allowing clients to view the spread, including the refund received by the company for sell and trade orders on the app.
Related: Robinhood to implement US stock trading in the UK market
Mcintosh told Cointelegraph that crypto platform Robinhood has relationships with cryptocurrency trading centers that allow them to receive competitive prices as they receive rebates on varying volume from those trading centers.
Robinhood first revealed its plans to launch into the European market in November. The latest launch in Europe also comes six months after the company ended support for cryptocurrency trading services in the United States in June due to growing regulatory pressure and legal cases against other cryptocurrency companies.
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