Robinhood Crypto Transfers Now Supported in Europe

Key Points:

• Robinhood Crypto now allows European customers to deposit and withdraw over 20 cryptocurrencies.
• To promote the Robinhood crypto transfer service, the company offers 1% crypto deposit rewards.

Retail investing platform Robinhood Crypto officially launched its crypto transfers for its clients in Europe, delivering one of the most requested features for the region.

Read more: Robinhood Stablecoin Plans Are Not Yet Approved 

Robinhood Crypto Transfers Enter the European Market

With the Robinhood crypto transfers, the platform finally allows its users to deposit and withdraw more than 20 types of cryptocurrencies-the most popular among them include Bitcoin, Ethereum, Solana, and USD Coin. This feature in service offers customers greater flexibility, with more control over their digital assets by allowing self-custody and avoiding third-party storage.

The move significantly improves the early crypto services of Robinhood in Europe, launched in December 2023. Previously, users could buy and sell cryptocurrencies but weren’t able to transfer them to or from wallets or other platforms. With the introduction of Robinhood crypto transfers now, it is in a better position to be more functional for European users.

To incentivize adoption, Robinhood is giving 1% back of the value of crypto deposits customers make, returning that value in the same cryptocurrency they transfer.

Johann Kerbrat, vice president and general manager at Robinhood, noted that the crypto-friendly environment developed for regulators in Europe, and the expected Markets in Crypto Assets (MiCA) framework, have been very instrumental in furthering the company’s expansion into the region.

Kerbrat also referred to the kind of interest in similar Robinhood crypto transfer services when they debuted in the U.S., where millions joined the waitlist, reflecting the strong appetite for this functionality.

Security Upgrades Safeguard European Clients

The expansion comes less than a year after Robinhood Crypto’s venture into the European Union, considered one of the most aggressive markets with giants such as Binance. Despite regulatory challenges in its home market, including the suspension of several crypto trading pairs this June, it would appear that Robinhood is not showing a step back in growing its presence in Europe.

Security remains a priority, and Robinhood Crypto makes sure that customer assets are principally held in cold storage and even insured against theft or compromise of cybersecurity.