The US-based buying and selling platform Robinhood has expanded its cryptocurrency choices in Europe, introducing a brand new characteristic that permits customers to deposit and withdraw digital property by means of exterior platforms.
This replace marks a major growth for the platform, as European customers beforehand confronted limitations in shifting their digital currencies.
Broader Entry To Crypto Transfers And Buying and selling Choices
In accordance with the press launch uploaded earlier at the moment, ranging from October 1, Robinhood Markets’ crypto arm, Robinhood Crypto would now present its European customers with the choice to make crypto transfers, thereby enhancing the platform’s performance for its customers in Europe.
With this new characteristic, European clients would be capable to make now deposits and withdrawals of round 20 cryptocurrencies, together with main property corresponding to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).
The addition of crypto transfers was described in a press launch as one of many “most in-demand options” from the area.
The corporate disclosed that this alteration grants customers “larger flexibility” to maneuver their digital property between Robinhood and different platforms, corresponding to exterior exchanges or crypto wallets.
The flexibility to switch digital property goals to provide customers extra management and choices for managing their investments past the buying and selling platform itself.
The Beforemath Of Robinhood In Europe
Earlier than the launch of crypto transfers at the moment, Robinhood had restricted its European customers to purchasing and promoting digital property solely inside its app.
This meant that customers couldn’t switch crypto from platforms like Bybit or Binance to Robinhood or ship their crypto holdings from the buying and selling platform to exterior wallets corresponding to Trustwallet or Metamask for safekeeping or additional buying and selling.
Since its preliminary launch of crypto buying and selling in Europe, the corporate has been specializing in offering primary shopping for and promoting providers with out providing the broader performance many customers anticipate from a buying and selling platform.
The introduction of the crypto transfers now launched at the moment modifications this, permitting customers to maneuver their crypto property freely out and in of the Robinhood app.
Johann Kerbrat, vice chairman and common supervisor of Robinhood Crypto famous:
With the launch of crypto transfers in Europe, we’re making self-custody and coming into DeFi easier and extra accessible for our clients. Assist for deposits and withdrawals offers clients extra management over their crypto, whereas guaranteeing they’ve the identical protected, low-cost, and dependable expertise they anticipate from Robinhood.
Notably, this aligns with the broader motion towards self-custody, the place customers typically desire larger management over their digital property moderately than leaving them solely on centralized platforms.
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