Robinhood, the trading and brokerage firm, has announced the launch of its crypto services for eligible customers in the European Union (EU) on December 7. The platform will enable traders to buy and sell more than 25 cryptocurrencies. According to Robinhood, it will be “the only custodial crypto platform where customers will get a percentage of their trading volume back every month, paid in Bitcoin (BTC).”
The newly introduced crypto app charges zero trading fees on over 25 cryptocurrencies available on the platform. It emphasizes transparency by allowing customers to view the spread, including the rebate received by the company from sell and trade orders within the app. Robinhood’s crypto platform has established relationships with various crypto trading venues, enabling them to obtain competitive prices through variable volume rebates from those venues.
Johann Kerbrat, General Manager of Robinhood Crypto, said:
“The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”
The EU introduced Markets in Cryptoassets (MiCA) earlier in June, which is a clearly defined regulatory framework for crypto-assets, aiming to bring clarity and stability to the crypto industry. The framework is expected to fully take effect in December 2024.
Robinhood initially announced its plans to enter the European market in November. This European launch comes as the firm saw a 75% month-on-month surge in crypto trading volume for November in the United States. Vlad Tenev, Robinhood co-founder and CEO, said that the platform could eventually achieve “nine figures” in annual revenue as retail interest for digital assets picks up.
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