In a groundbreaking move, Robinhood Markets Inc. is set to revolutionize the European crypto market by launching commission-free trading, Bloomberg reported today. Following its successful foray into the UK’s stock-broking arena, the platform is now gearing up to empower European investors with access to over 25 cryptocurrencies, including Bitcoin and Ethereum.
Notably, this strategic expansion aligns with the recent surge in crypto prices and sets the stage for a compelling future in the fast-evolving digital asset landscape.
Robinhood Expands Crypto Footprint In Europe
Robinhood Markets Inc. is poised to disrupt the European crypto scene with the introduction of commission-free trading, a move mirroring its recent entry into the UK stock-broking market. Scheduled to go live on Thursday, the platform will enable European investors to seamlessly trade over 25 cryptocurrencies, including the prominent Bitcoin, Ethereum, and Solana, among others, marking a pivotal moment for the region’s burgeoning digital asset landscape.
Meanwhile, in an exclusive interview, Johann Kerbrat, the General Manager of Robinhood Crypto, revealed that the app’s launch would be accompanied by an innovative cashback-style loyalty program. This program will credit a percentage of each user’s monthly trading volume in the form of Bitcoin, enhancing the user experience and fostering a sense of loyalty among the platform’s growing clientele.
Notably, Robinhood’s revenue strategy for its European crypto brokerage involves taking a rebate from market makers and trading venues executing trades on its behalf. Kerbrat disclosed that in Europe, this rebate would amount to approximately “65 basis points” per trade, almost double the 35 basis points earned from cryptocurrency orders in the United States.
Notably, this robust revenue model comes at a time when crypto notional trading volumes on Robinhood witnessed a significant 75% surge in November compared to the previous month.
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What’s Next?
While the European expansion marks a significant stride for Robinhood, the company currently refrains from extending its crypto services to UK investors due to regulatory uncertainties surrounding digital assets. In contrast, the company has been registered as a virtual currency exchange operator in Lithuania since September, showcasing its commitment to navigating regulatory landscapes and fostering a global crypto community.
Meanwhile, as crypto prices soar and the anticipation of a Spot Bitcoin ETF mounts, Robinhood’s move into Europe not only capitalizes on the crypto resurgence but also sets the stage for further growth. With plans to introduce features like crypto holding transfers and additional tokens in the coming year, Robinhood’s commitment to evolving with the crypto landscape remains unwavering.
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