Robinhood is expanding its crypto trading services to the European Union (EU) with the launch of a new app that allows customers in the region to buy and sell 26 cryptocurrencies.
In a rackthe retail titan says the Robinhood Crypto app has the lowest average fees in the EU, based on quotes shown by trading platforms on November 20.
Robinhood says the app also allows customers to earn a percentage of their trade back in Bitcoin (BTC), which is deposited directly into their account. Eligible customers must wait 30 days before they can sell the value of the rewarded crypto asset.
The company says the app will support additional tokens, crypto transfers, crypto staking, and crypto learning rewards by 2024.
“Unlike some of our competitors who have grown rapidly and offer hundreds of digital assets, Robinhood Crypto has taken a more conservative approach to supporting digital assets. This also means building safeguards for our products and providing better education.”
The online brokerage is launching the app as the European Union institutes the Markets in Crypto Assets Regulation (MiCA), which aims to protect consumers by creating a clear regulatory environment for the crypto sector.
Robinhood Crypto general manager Johann Kerbrat says the legislation is why the trading company chose to launch a crypto platform for EU customers.
“We are excited to expand crypto trading to customers across the EU, allowing them to buy and sell their favorite tokens securely. The EU has developed one of the world’s most comprehensive policies for the regulation of crypto assets, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”
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