Robinhood Crypto is enabling cryptocurrency and other digital asset transfers for all of its European customers and offering some rewards.
Advantages of Robinhood Crypto for Europe
European users can now deposit and withdraw over 20 different cryptocurrencies, such as Bitcoin and Ethereum, along with stablecoins like USDC.
What’s valuable is the temporary incentive that Robinhood offers. Customers have the possibility of earning an additional 1% on their cryptocurrency deposits, awarded in the same currency deposited, with a maximum cap of €10,000 per individual.
In addition to transfers, Robinhood’s European customers enjoy the ability to buy, sell, and store over 35 cryptocurrencies, with prices that the company says are among the most attractive on the market. Plus, there are no fees on Bitcoin trades, which is a small advantage for those looking to reduce the costs associated with their trading operations.
At the same time, users can earn returns by staking Solana, with an estimated annual return rate of 5.23%, or through rewards of up to 15% for holding USDC.
Please note: These rewards linked to the USD Coin will be valid until December 15.
Access to decentralized finance (DeFi) is becoming simpler and more accessible to a wider audience.
During 2024, Robinhood has been expanding its cryptocurrency offering. A clear example of this has been the acquisition of Pluto Capital, a cryptocurrency and artificial intelligence research platform, as well as Bitstamp, a well-known cryptocurrency exchange. These acquisitions are also intended to attract institutional clients.
Robinhood has also said that it plans to leverage Bitstamp’s existing connections and infrastructure to continue refining its offering. This includes developing products that better respond to market needs.
Financial aspects
In terms of its financial performance, the company reported earnings in the second quarter of 2024, mainly due to a notable increase in revenue, which grew by 40% compared to the previous year, reaching $682 million.
Specifically, revenue from cryptocurrency transactions soared by 161%, reaching $81 million. Also, digital assets under custody increased by 57%, reaching $20.6 billion.
Its shares have shown an outstanding performance so far this year, with an increase of around 90%.