Retail-focused stock and crypto trading platform Robinhood has launched cryptocurrency transaction support in Europe.
The exchange announced on Tuesday (Oct, 1) it will allow its European customers to transfer cryptocurrencies to external addresses. This change makes Robinhood closer to being a direct competitor with traditional cryptocurrency exchanges. Vice president and general manager of Robinhood Crypto Johann Kerbrat said:
“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.”
The move follows Robinhood getting embroiled in legal battles for not allowing its customers to withdraw their crypto assets in the past. In early September, the exchange was ordered to pay a $3.9 million settlement for its practice of not allowing customers to withdraw their crypto between 2018 and 2022.
California’s Department of Justice’s investigation found that Robinhood violated California’s commodities laws, “by allowing customers, who hoped their investment would become more valuable shortly, to buy cryptocurrencies without actually delivering these assets to customers.”
The extent of the Robinhood upgrade
European Robinhood users will be able to deposit and withdraw more than 20 cryptocurrencies out of the over 35 listed on the platform. The ones that can be withdrawn and deposited include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC).
Furthermore, those same users will also temporarily be awarded a 1% match on all crypto deposits paid in the same crypto they deposit. The rewards are limited to €10,000 per customer, and the offer will stop when supplied. Lastly, customers must also keep their account balance above the value of their deposits and match rewards for 180 days to keep the bonus.
The announcement follows recent reports indicating that Robinhood and neobank Revolut are considering entering the stablecoin market.
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