- Robinhood allows users to deposit and withdraw over 20 cryptocurrencies.
- It provides crime insurance against security breaches and thefts.
The retail investing platform Robinhood announced the launch of cryptocurrency transfers for its European users. This enables the Robinhood customers to deposit and withdraw more than 20 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
Moreover, for a limited time, the platform offers its customers in Europe a one percent match on all crypto deposits, in the same cryptocurrency they deposit, subject to a cap.
In addition, European customers can buy, sell, and hold over thirty-five cryptocurrencies at the lowest average cost. The users can also trade Bitcoin with zero fees. Besides, they can stake Solana to earn an estimated 5.23% annual percentage yield and earn up to 15% rewards on USD Coin holdings, with no limit.
Johann Kerbrat, VP and GM of Robinhood, stated,
“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 emphasizes protection and does not lend or leverage customer crypto assets. It stores the majority of the crypto in cold storage, and customers’s accounts are backed by industry-leading security. Moreover, the platform provides crime insurance against security breaches and thefts.
Robinhood’s Crypto Correlation
Robinhood’s financial report for the second quarter in 2024 was profitable. The total net revenue increased by 40% year-over-year to $682 million. The platform’s transaction-based revenues increased 69% year-over-year to $327 million. It was primarily driven by the income from options, cryptocurrencies, and equities trading.
On the other hand, Robinhood announced its plans to acquire the crypto platform Bitstamp in June. To facilitate this expansion, the deal, valued at approximately $200 million in cash, is expected to close in the first half of 2025.
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