Robinhood Crypto has launched crypto transfers for its European customers, addressing a highly requested feature in the region.

Expanded Cryptocurrency Options

This rollout allows Robinhood customers to deposit and withdraw over 20 cryptocurrencies, including major assets like Bitcoin, Ethereum, Solana, and USD Coin. This move is aimed at enhancing the platform’s utility for users interested in the cryptocurrency market.

Limited-Time Deposit Match

As part of the launch, Robinhood is offering a 1% deposit match on all crypto deposits for a limited time. The match is paid out in the same cryptocurrency as deposited, with a maximum reward of €10,000 per customer.

Low-Cost Trading and Additional Benefits

European customers using Robinhood Crypto can also buy, sell, and hold over 35 cryptocurrencies at what Robinhood claims are the lowest average costs. Other benefits include:

  • Zero-fee Bitcoin trading
  • Staking Solana to earn an estimated 5.23% annual percentage yield
  • Earning up to 15% rewards on USD Coin holdings, with no limit (promotion ends Dec. 15)

Enhanced Control and Security

Johann Kerbrat, vice president and general manager of Robinhood Crypto, emphasized that the new feature offers more control over crypto holdings while maintaining Robinhood’s hallmark of safety, low cost, and reliability.

“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.”

Robinhood’s Expanding Crypto Offerings

Robinhood has been actively diversifying its crypto offerings and retail trader portfolios this year. The company acquired Pluto Capital, a crypto and artificial intelligence research platform, as well as the trading platform Bitstamp. These moves aim to expand Robinhood’s global crypto presence and attract institutional clients through new product offerings.

Robinhood intends to leverage Bitstamp’s established relationships, infrastructure, and industry-leading products to enhance its own offerings.

Financial Performance and Market Position

Robinhood reported a profitable second quarter in 2024, with a 40% year-over-year revenue increase to $682 million, driven by a renewed interest in crypto trading. The firm’s crypto transaction-based revenues rose 161% to $81 million, while crypto assets under custody grew 57% to $20.6 billion.

Robinhood’s stock trades on the Nasdaq exchange and has seen significant gains, with shares up nearly 90% since the start of the year. This performance has outpaced rivals like Coinbase, whose shares are up around 14% in 2024.

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