Robinhood, the popular trading platform, has rolled out a new feature for its European users that allows them to deposit and withdraw over 20 different cryptocurrencies. This move, which includes popular digital currencies like Bitcoin, Ethereum, Solana, and USD Coin, was implemented on October 1 in response to high demand from European customers.
The introduction of this new functionality gives users in Europe greater control over their cryptocurrency holdings. Robinhood’s expansion into the European market began last December with the launch of its crypto trading service in the EU. This latest update is seen as a strategic move to further tap into the potential of the European market.
Johann Kerbrat, the head of Robinhood Crypto, emphasized the company’s commitment to making self-custody and entering decentralized finance (DeFi) simpler and more accessible for customers. He stated, “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.”
Despite the positive reception of this new feature, Robinhood has faced regulatory scrutiny in Europe and recently settled a $3.9 million case with California’s Department of Justice. The company was accused of preventing users from withdrawing funds and providing misleading information about crypto storage.
To address concerns, Robinhood assured users that most of their crypto assets are stored in secure cold wallets. Additionally, the platform implements top-level security measures to protect customer accounts and offers crime insurance to safeguard against theft and cyberattacks.
Overall, Robinhood’s expansion of crypto transfers in Europe reflects its ongoing efforts to cater to the needs of its global user base while navigating the evolving regulatory landscape in the digital asset space.
