Robinhood Crypto has rolled out crypto transfers for its customers in Europe, addressing a feature that users in the region have highly requested.
This launch allows Robinhood customers to deposit and withdraw more than 20 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC), according to a press release shared with crypto.news.
As part of the launch, Robinhood is offering a 1% deposit match on all crypto deposits for a limited time. The match is paid out in the same crypto as deposited, with a maximum of €10,000 rewards per customer.
European customers using Robinhood Crypto can also buy, sell, and hold over 35 cryptocurrencies at what Robinhood claims are the lowest average costs.
Other benefits include zero-fee Bitcoin trading, staking Solana to earn an estimated 5.23% annual percentage yield, and earning up to 15% rewards on USD Coin holdings, with no limit. The USDC rewards promotion ends Dec. 15.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, said the new feature offers more control over crypto holdings while maintaining Robinhood’s hallmark of safety, low cost, and reliability.
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. 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.”
Johann Kerbrat
Robinhood and crypto
Robinhood has been actively diversifying its crypto offerings and retail trader portfolios this year. The company acquired Pluto Capital, a crypto and artificial intelligence research platform, as well as the trading platform Bitstamp. Both moves were aimed at expanding Robinhood’s global crypto presence and attracting institutional clients through new product offerings.
Robinhood made it clear they intend to use Bitstamp’s established relationships, infrastructure, and industry-leading products.
Robinhood reported a profitable second quarter in 2024, with a 40% year-over-year revenue increase to $682 million, driven by a renewed interest in crypto trading. The firm’s crypto transaction-based revenues rose 161% to $81 million, while crypto assets under custody grew 57% to $20.6 billion.
Robinhood’s stock trades on the Nasdaq exchange. Shares are up nearly 90% since the start of the year, drastically outperforming rivals like Coinbase whose shares are up around 14% in 2024.
