According to cointelegraph: U.S. brokerage firm Robinhood has announced the launch of its cryptocurrency trading services for all qualified customers in the European Union as of December 7. The platform provides trading options for over 25 different cryptocurrencies.
This move into the European crypto space comes just one week after Robinhood debuted its stock trading application in the United Kingdom.
When probed about Robinhood's focus on cryptocurrency and its goals for European expansion, Senior Product Communications Manager Oliver McIntosh said that the EU is seen as the perfect platform for their international expansion. He also praised the EU's move towards the establishment of the world's first comprehensive approach to dealing with crypto assets through the Market in Crypto-Assets Regulation (MiCA).
As for Robinhood's future plans, 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 don’t have anything more to share at this time."
The new cryptocurrency app features no trading fees, and will also return a fraction of the trading volume to customers each month in Bitcoin. The platform also emphasises transparency, enabling customers to view the spread and the rebate earned by the company from selling and trading orders within the app.
Robinhood has established relationships with crypto trading venues, allowing them to secure competitive prices and receive variable volume rebates from these venues, according to McIntosh.
Robinhood initially unveiled its intention to launch in Europe in November. This recent European debut follows the company's decision to discontinue support for crypto trading services in the United States in June due to increased regulatory pressure and legal actions against other crypto firms.
