Robinhood Unlocks Crypto Transfers For Users in Europe—Here Are The Details

The US-based buying and selling platform Robinhood has expanded its cryptocurrency choices in Europe, introducing a brand new function that permits customers to deposit and withdraw digital belongings by means of exterior platforms.

This replace marks a major improvement 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 keeping with the press launch uploaded earlier right this 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 function, European prospects would have the ability to make now deposits and withdrawals of round 20 cryptocurrencies, together with main belongings equivalent 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 transformation grants customers “higher flexibility” to maneuver their digital belongings between Robinhood and different platforms, equivalent to exterior exchanges or crypto wallets.

The power to switch digital belongings goals to offer 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 right this moment, Robinhood had restricted its European customers to purchasing and promoting digital belongings 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 equivalent 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 fundamental shopping for and promoting companies with out providing the broader performance many customers count on from a buying and selling platform.

The introduction of the crypto transfers now launched right this moment modifications this, permitting customers to maneuver their crypto belongings freely out and in of the Robinhood app.

Johann Kerbrat, vice chairman and basic supervisor of Robinhood Crypto famous:

With the launch of crypto transfers in Europe, we’re making self-custody and getting into DeFi less complicated and extra accessible for our prospects. Help for deposits and withdrawals provides prospects extra management over their crypto, whereas making certain they’ve the identical protected, low-cost, and dependable expertise they count on from Robinhood.

Notably, this aligns with the broader motion towards self-custody, the place customers usually desire higher management over their digital belongings relatively than leaving them solely on centralized platforms.

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