Robinhood has expanded its Crypto services in Europe by enabling users to send and receive digital assets from different platforms.
From October 1, users in Europe can start depositing and withdrawing around 20 cryptocurrencies, such as Bitcoin and Ethereum, via other exchanges or wallets. This step indicates a crucial growth in Robinhood Crypto's offerings in the region, nearly a year after the launch of European crypto trading facilities.
Robinhood aims to improve services to support its approach to regulations and grow its market reach. Due to rising regulatory scrutiny in the US, Robinhood has begun to focus on enhancing its presence in Europe. This new feature meets the increased need among European clients for enhanced control over their digital assets. It allows them to participate directly in decentralized finance (DeFi) systems and manage their cryptocurrencies.
The Vice President and General Manager of Robinhood Crypto noted this update is designed to offer users an uncomplicated and safe journey similar to Robinhood's reputation. He clarified that providing deposit and withdrawal support allows users to manage their crypto better and maintains the safe and cost-efficient service they desire from Robinhood.
This action is suitable since implementing the European Union's Markets in Crypto-Assets (MiCA) regulation is near and aims to create a unified system for crypto assets in the region.
The European regulatory framework for digital assets is steadily improving. Through its close cooperation with regulators, Robinhood has demonstrated its strong commitment to regulatory compliance and market growth. This MiCA regulation focuses on significant topics such as stablecoin creation and AML policies and helps define a better operating space for those in the cryptocurrency business.
Kerbrat stressed that with transparent regulations, the European market could surpass the US in size and create significant growth opportunities for Robinhood.
Furthermore, Robinhood aims to reinforce its role in the global crypto industry through expansions. This includes its recent purchase of Luxembourg-based Bitstamp for $200 million; the firm obtained more licenses that may aid in its global expansion.