Though Robinhood could face enforcement actions in the USA for its cryptocurrency choices, it’s increasing its companies in Europe additional. Immediately (Wednesday), the brokerage has introduced its first crypto staking companies for Solana holders, which will likely be out there solely to its clients in Europe.
Robinhood’s First Crypto Staking Service
Other than staking, the American-headquartered brokerage agency can be launching its crypto funding app in three native languages in three European nations: Italy, Poland, and Lithuania. The transfer could be very strategic, as these are the three high nations within the continent with Robinhood Crypto app downloads.
The brokerage’s European crypto choices have been enhanced solely six months after its launch on the continent. The platform is onboarding European Union customers below its Lithuania-licensed entity.
“Since launching on the finish of final 12 months, our clients in Europe have instructed us loud and clear that they need an app that gives native language assist and merchandise that assist them earn further passive revenue,” mentioned Johann Kerbrat, VP and GM of Robinhood Crypto.
The platform additionally revealed that Bitcoin (BTC), Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH) are the favourites of its European customers as they introduced within the highest buying and selling quantity within the continent since launch.
Moreover, Robinhood Crypto revealed that it’s the first crypto buying and selling platform for a 3rd of its customers in Europe.
Crypto Pays Off
Robinhood entered Europe final December with its crypto buying and selling companies, however it has been providing the identical in the USA for years. Nonetheless, on its residence turf, the corporate has at all times been very cautious with its crypto-based choices: the variety of crypto listings is restricted and it’s not providing staking companies.
Regardless of these cautious strikes, crypto transactions remained a large income booster for the brokerage. As Finance Magnates reported, the cryptocurrency income of the platform within the first three months of 2024 jumped by 232 p.c to achieve $126 million. The income was pushed by the notional crypto buying and selling quantity within the quarter, which reached $36 billion, 224 p.c larger.
Nonetheless, earlier this month, Robinhood’s cryptocurrency buying and selling arm acquired a Wells Discover from the Securities and Trade Fee. In a subsequent public assertion, Robinhood highlighted that it expects future regulatory actions to “contain a civil injunctive motion, public administrative continuing, and/or a cease-and-desist continuing,” together with civil cash penalties and limitations on actions.
This text was written by Arnab Shome at www.financemagnates.com.
