According to Bloomberg news, robinhood In a remarkable move, it is expanding its commission-free trading service to European countries. Following its successful entry into the UK stock market, the platform is now set to provide European investors with access to more than 25 cryptocurrencies, including Bitcoin and Ethereum.
This strategic expansion follows the recent surge in crypto prices and sets the stage for a compelling future in the rapidly evolving digital asset landscape.
Robinhood Expands Its Presence in Europe
With its recent entry into the UK stock market, Robinhood is poised to disrupt the European crypto scene by introducing commission-free trading. The platform, which is scheduled to launch on Thursday, will mark a pivotal moment for the region’s evolving digital asset scene by enabling European investors to seamlessly trade over 25 cryptocurrencies, including leading Bitcoin, Ethereum and Solana.
Meanwhile, Robinhood executive Johann Kerbrat also revealed in an exclusive interview that the app’s launch will be accompanied by an innovative cashback-style loyalty program. This program saves a percentage of each user’s monthly trading volume. Bitcoin It will improve the user experience and encourage a sense of loyalty among the platform’s growing customers.
Robinhood’s income strategy for crypto brokerage in Europe involves receiving a discount from market makers and trading venues that trade on its behalf. Kerbrat explained that in Europe, this discount would equate to approximately “65 basis points” per transaction, which is almost double the 35 basis points earned from cryptocurrency orders in the US.
This particularly strong revenue model comes at a time when crypto notional trading volumes on Robinhood witnessed a significant 75% increase in November compared to the previous month.
While developments in Europe are quite positive, the company is currently refraining from expanding its crypto services to investors in the UK due to regulatory uncertainties surrounding digital assets. In contrast, the company has been registered as a virtual currency exchange operator in Lithuania since September, demonstrating its commitment to navigating the regulatory landscape and fostering a global crypto community.
Meanwhile, as crypto prices rise and expectations for a Spot Bitcoin ETF grow, Robinhood’s move to Europe not only capitalizes on the crypto resurgence but also sets the stage for further growth. With plans to introduce features like crypto holding transfers and additional tokens next year, Robinhood’s commitment to evolving with the crypto landscape remains unwavering.