Robinhood, a popular financial services company known for its commission-free trading app, has announced plans to expand its cryptocurrency trading services into the European Union (EU).
The company also revealed that it intends to establish a brokerage service in the United Kingdom (UK) as part of its expansion efforts.
According to a report by Bloomberg, Robinhood’s EU crypto trading platform is expected to launch in the coming weeks. The platform will allow users to buy and sell several popular digital assets, including Bitcoin, Ethereum, and Litecoin, using euros or pounds.
The move marks a significant milestone for Robinhood as it looks to tap into the growing demand for cryptocurrency trading in Europe. The company has already made a name for itself in the US market, where it offers commission-free trading of stocks, options, exchange-traded funds (ETFs), and cryptocurrencies.
“We’re excited to bring our unique blend of low-cost, user-friendly investing tools to the European market,” said Baiju Bhatt, co-founder and CEO of Robinhood, in a statement.
“We believe that everyone should have access to the financial markets, regardless of their background or wealth.”
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As part of its expansion plan, Robinhood has established a new entity called Robinhood Europe, which will be headquartered in Dublin, Ireland. The company has also secured regulatory approval from the Central Bank of Ireland to operate as a MiFID-authorized investment firm in the EU.
In addition to its crypto trading platform, Robinhood also plans to offer its traditional investment products, such as stocks and ETFs, to European customers. The company has not yet disclosed details on when these services will become available.
Robinhood’s entry into the EU market comes at a time when competition among cryptocurrency exchanges is heating up. Other major players like Binance, Coinbase, and Kraken have already established themselves in the region, offering a range of digital asset trading services.
However, Robinhood’s reputation for low fees and user-friendly interface could help it stand out in an increasingly crowded market.
