Summary:
Robinhood expands services for European customers, allowing deposits and withdrawals of over 20 digital assets.
Supports major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).
Launch aligns with increased regulatory scrutiny following the MiCA regulation.
Company emphasizes its proactive approach to regulatory engagement.
Security measures include cold storage and crime insurance for customer assets.
Robinhood Enhances Its European Crypto Offerings
On Tuesday, Robinhood's crypto unit announced that it has enabled European customers to deposit and withdraw over 20 digital assets. This move is part of the trading app's strategy to strengthen its presence in the European market.
The update supports popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). Robinhood cited increased demand from its European users as a driving factor for this enhancement.
"It was one of the top requested features from our customers,â said Johann Kerbrat, Vice President and General Manager of Robinhood Crypto.
In December, Robinhood launched its crypto services in the European Union, allowing users to trade more than 25 digital currencies. The recent feature launch coincides with heightened regulatory scrutiny in Europe following the approval of the Markets in Crypto-Assets (MiCA) regulation, which sets clear standards for crypto companies in the region.
These new regulations emphasize stablecoin issuance, anti-money laundering measures, and consumer protections, leading to stricter licensing requirements in countries like Germany and France. Despite these challenges, Robinhood remains optimistic about its growth prospects.
"We are a large company, and we're used to dealing with regulators," Kerbrat stated, emphasizing their proactive engagement with regulatory bodies.
This comes after Robinhood faced legal challenges, including a $3.9 million settlement related to allegations of hindering customers' ability to withdraw digital assets over a four-year period. In response to security concerns, Kerbrat assured that most assets are stored in cold storage and that the company employs crime insurance against phishing attacks, alongside user education and transaction scanning to prevent scams.
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