Trading and brokerage firm Robinhood announced the launch of its crypto services for all eligible European Union customers on 7 December. 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 application in the United Kingdom.
Cointelegraph contacted Oliver McIntosh, senior product communications manager at Robinhood, to understand the firm’s crypto focus and expansion plans in Europe. Mcintosh said that the EU is the right market to anchor our international expansion plans, and Robinhood “welcomes the approach that the EU has taken in creating the world’s first comprehensive regime for crypto assets via the Market in Crypto-assets Regulation (MiCA).”
Asked about future expansion plans in EU, Mcintosh said:
“Robinhood’s mission is to democratize finance for all, and launching a custodial crypto product for customers in the EU is a significant step forward in that journey. We’re currently focused on launching Robinhood Crypto for customers in the European Union. We don’t have anything more to share at this time.”
The new crypto app charges zero trading fees, and customers will also receive a percentage of their trading volume back every month in Bitcoin (BTC). The new platform also prioritizes transparency, allowing customers to view the spread, including the rebate received by the company from sell and trade orders in the app.
Related: Robinhood to roll out US stock trading in British market
Mcintosh told Cointelegraph that the Robinhood crypto platform has relationships with crypto trading venues that allow them to receive competitive prices as they receive variable volume rebates from those trading venues.
The crypto trading firm first revealed its plans for launch in the European market in November last month. The latest launch in Europe also comes six months after the firm ceased Support for crypto trading services in the United States in June owing to mounting regulatory pressure and prosecution of crypto firms.
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