The US-based buying and selling platform Robinhood has expanded its cryptocurrency choices in Europe, introducing a brand new function that permits customers to deposit and withdraw digital property by exterior platforms.
This replace marks a major growth for the platform, as European customers beforehand confronted limitations in transferring their digital currencies.
Broader Entry To Crypto Transfers And Buying and selling Choices
In keeping with the press launch uploaded earlier immediately, ranging from October 1, Robinhood Markets’ crypto arm, Robinhood Crypto would now present its European customers with the choice to make crypto transfers, thereby enhancing the platform’s performance for its customers in Europe.
With this new function, European prospects would be capable to make now deposits and withdrawals of round 20 cryptocurrencies, together with main property reminiscent of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
The addition of crypto transfers was described in a press launch as one of many “most in-demand options” from the area.
The corporate disclosed that this alteration grants customers “larger flexibility” to maneuver their digital property between Robinhood and different platforms, reminiscent of exterior exchanges or crypto wallets.
The power to switch digital property goals to present customers extra management and choices for managing their investments past the buying and selling platform itself.
The Beforemath Of Robinhood In Europe
Earlier than the launch of crypto transfers immediately, Robinhood had restricted its European customers to purchasing and promoting digital property solely inside its app.
This meant that customers couldn’t switch crypto from platforms like Bybit or Binance to Robinhood or ship their crypto holdings from the buying and selling platform to exterior wallets reminiscent of Trustwallet or Metamask for safekeeping or additional buying and selling.
Since its preliminary launch of crypto buying and selling in Europe, the corporate has been specializing in offering primary shopping for and promoting providers with out providing the broader performance many customers count on from a buying and selling platform.
The introduction of the crypto transfers now launched immediately adjustments this, permitting customers to maneuver their crypto property freely out and in of the Robinhood app.
Johann Kerbrat, vice chairman and common supervisor of Robinhood Crypto famous:
With the launch of crypto transfers in Europe, we’re making self-custody and getting into DeFi easier and extra accessible for our prospects. Assist for deposits and withdrawals provides prospects extra management over their crypto, whereas making certain they’ve the identical protected, low-cost, and dependable expertise they count on from Robinhood.
Notably, this aligns with the broader motion towards self-custody, the place customers typically choose larger management over their digital property relatively than leaving them solely on centralized platforms.
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