Key Takeaways
- Robinhood Crypto now allows European customers to deposit and withdraw Bitcoin as well as over 20 cryptocurrencies, with the goal of enhancing user control and flexibility.
- For a limited time Robinhood is also offering customers in Europe a 1% match on all deposits, paid out in the same cryptocurrency that is deposited, subject to a cap.
- Robinhood also says that it emphasize security by holding most of their Bitcoin and crypto in cold storage and providing insurance against theft and cyber breaches.
Robinhood Expands Bitcoin and crypto Services in Europe
Robinhood has introduced the ability for European users to transfer Bitcoin and other cryptocurrencies in and out of its app, expanding its services in the region.
This move allows Robinhood users to self-custody their bitcoin, providing them with greater control over it.
Johann Kerbrat, Robinhood's crypto unit general manager, believes that the EU could rival the U.S. in terms of total addressable market size.
Most of Robinhood's Bitcoin and crypto are held in cold storage, and the company says it uses crime insurance to protect against phishing and other attacks.
Robinhood’s Bitcoin and crypto trading, deposit and withdrawal functionality are currently only available to customers in the European Union, not in the U.K.
Global Expansion and Bitstamp Acquisition
In June, Robinhood announced its acquisition of Luxembourg-based Bitcoin and crypto platform Bitstamp to enhance its global reach and technology capabilities.
This would help it gain access to even more international markets and obtain coveted regulatory permissions around the world.
Bitstamp holds over 50 licenses and registrations globally including in Singapore, the U.K. and the EU.
