Sun, February 25

Robinhood Forays Into European Market Eyeing Rapid Expansion

Robinhood Forays Into European Market Eyeing Rapid Expansion Exchange News
  • This expansion falls in line with the current uptick in the price of cryptocurrencies.
  • A new loyalty program similar to cashback will be available with the app when it is launched.

The introduction of commission-free trading by Robinhood Markets Inc. is slated to radically alter the European cryptocurrency industry, according to Bloomberg’s announcement today. The platform is preparing to provide European investors access to more than 25 cryptocurrencies, after announcing its entry into the UK market.

Importantly, this expansion falls in line with the current uptick in the price of cryptocurrencies and lays the groundwork for a positive start. Similar to its recent foray into the UK market, Robinhood is preparing to shake up the European crypto landscape by introducing commission-free trading.

New Loyalty Program

The platform is expected to launch on Thursday, allowing European investors to easily trade more than 25 cryptocurrencies. This marks a significant milestone for the growing digital asset market in the region.

Meanwhile, Robinhood Crypto’s General Manager Johann Kerbrat said in an exclusive interview that a new loyalty program similar to cashback will be available with the app when it is launched. The program’s goal is to improve the platform’s user experience and encourage loyalty among its expanding user base by crediting a proportion of each user’s monthly trading volume.

Particularly, crypto notional trading volumes on Robinhood showed a massive 75% rise in November over the month before. Notably, market makers and trading venues who execute deals on behalf of Robinhood take a rebate as part of its revenue plan for its European crypto brokerage.

In contrast to the 35 basis points received on crypto orders in the US, Kerbrat said that this rebate in Europe would equal to around “65 basis points” every trade.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.