Robinhood is expanding its crypto trading services to the European Union (EU) with the launch of a new app that enables customers in the region to buy and sell 26 cryptocurrencies.
In a statement, the retail trading titan says that the Robinhood Crypto app has the lowest cost on average in the EU based on quotes shown by trading platforms on November 20th.
Robinhood says that the app also enables customers to earn a percentage of their trade back in Bitcoin (BTC), which will be deposited directly into their account. Eligible customers will have to wait for 30 days before they can sell the value of the rewarded crypto asset.
The firm says the app will support additional tokens, crypto transfers, crypto staking and crypto learning rewards by 2024.
“Unlike some of our competitors that have grown quickly and list hundreds of digital assets, Robinhood Crypto has taken a more conservative approach to supporting digital assets. This also means building safeguards for our products and providing better education.”
The online brokerage firm launches the app as the European Union institutes the Markets in Crypto Assets Regulation (MiCA), which aims to protect consumers by establishing a clear regulatory environment for the crypto sector.
Robinhood Crypto general manager Johann Kerbrat says the legislation is the reason why the trading firm chose to launch a crypto platform for EU customers.
“We’re thrilled to expand crypto trading to customers throughout the EU, enabling them to buy and sell their favorite tokens safely and securely. The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”
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