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Retail trading platform Robinhood announced on Tuesday that it is expanding its cryptocurrency capabilities in Europe, allowing customers in the European Union to deposit and withdraw over 20 digital currencies, including bitcoin, ethereum, solana, and USD coin. This move enables European users to have more control over their assets by self-custodying them in their own wallets instead of relying on a third-party platform.

The expansion in Europe comes as Robinhood sees the region as a promising market for digital currencies due to its crypto-friendly regulations. The company previously launched its crypto trading service in the EU, but now customers will have the additional option to move their cryptocurrencies out of the platform.

To incentivize users, Robinhood is offering European customers the opportunity to receive 1% of the value of tokens deposited on its platform back in the form of the equivalent cryptocurrency they transfer. This promotion is available for a limited time.

In other news, Robinhood recently announced its acquisition of Luxembourg-based crypto platform Bitstamp to enhance its global presence and obtain regulatory permissions in various markets. This deal, valued at around $200 million, is expected to close in the first half of 2025.

The acquisition will enable Robinhood to expand its services to institutional investors and gain access to more international markets, as Bitstamp holds numerous licenses and registrations globally. Although Robinhood’s crypto trading features are currently only available to customers in the European Union, the company aims to further diversify its crypto business in the future.

Overall, Robinhood’s expansion and strategic acquisitions reflect the company’s commitment to providing enhanced cryptocurrency services to a broader audience while navigating regulatory landscapes both domestically and internationally.

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