On Tuesday, Robinhood’s crypto unit said it has given European customers the ability to deposit and withdraw over 20 digital assets as the popular trading app attempts to build upon its expansion efforts across the region.
The update, which supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC), follows heightened demand from its European customer base, Robinhood said in a statement.
The move aligns with the company's broader strategy to expand its European footprint. Robinhood is positioning the move as a means to provide users with greater control over their digital assets and simplify access to DeFi.
"It was one of the top requested features from our customers,” Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Decrypt.
In December, Robinhood launched its cryptocurrency service in the European Union, allowing users to trade more than 25 digital currencies in a bid to capture substantial revenue from one of the industry’s largest markets.
Tuesday’s launch also comes at a time of increased regulatory scrutiny for digital assets in Europe.
The trading bloc recently approved its Markets in Crypto-Assets (MiCA) regulation last year, setting clear standards for crypto companies operating within the region.
These new rules, which will be enforced in stages, focus predominately on stablecoin issuance, anti-money laundering measures, and consumer protections.
Countries like Germany and France have already implemented stringent licensing requirements for crypto service providers as a result. In any case, the changes don't appear to have deterred the California-based trading app's growth ambitions.
"We are a large company, and we're used to dealing with regulators," Kerbrat said. "From the beginning, we went to the regulator, we had engagement with them and discussions with them."
That's at least some small comfort for Robinhood equity investors who learned last month the company had agreed to pay $3.9 million in a settlement after being accused of preventing customers from withdrawing digital assets from their accounts over a four-year period.
Responding to a query on the security of customer assets, Kerbrat said most of the assets are held in cold storage and that the company also utilizes crime insurance to protect against phishing attacks.
Robinhood also implements additional security measures, including user education and transaction scanning to guard against potential scams, Kerbat added.
Edited by Sebastian Sinclair