Robinhood launches crypto transfers in Europe, denies stablecoin rumors

Mila October 1, 2024

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Key Takeaways

Robinhood has launched crypto transfer services in Europe with support for over 20 cryptocurrencies.
The company offers a 1% crypto return on deposits as a launch promotion.

Robinhood has expanded its crypto services in Europe, enabling customers to transfer digital assets in and out of its platform. This move reveals the American financial services company’s commitment to broadening its product offerings and strengthening its global presence in the crypto market.

European Union customers can now deposit and withdraw over 20 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDC, via Robinhood’s platform. The service also allows users to self-custody their assets instead of relying on third-party storage. As a promotional strategy, Robinhood is offering customers 1% of the value of deposited tokens back in the equivalent cryptocurrency they transfer.

This development comes less than a year after Robinhood Crypto entered the EU market, initially allowing customers to buy and sell crypto without the ability to transfer them off the platform.

Johann Kerbrat, Robinhood’s general manager and vice president, cited crypto-friendly regulations in Europe’s 27-member bloc as a key factor in the expansion, noting potential improvements once the Markets in Crypto-Assets (MiCA) framework is fully implemented.

No stablecoin launch with Revolut

Despite speculation that Robinhood was exploring stablecoin launches alongside Revolut, the company has firmly denied these claims.

“We don’t have any imminent plan. It’s always kind of funny in my position to see where people think we’re going to move next,” Kerbrat said.

The European crypto market landscape continues to evolve, with companies like Circle obtaining Electronic Money Institution (EMI) licenses to offer dollar- and euro-pegged crypto tokens under MiCA. Circle’s USDC stablecoin currently leads regulated stablecoins with a $23 billion volume, challenging reserve-backed First Digital USD’s (FDUSD) 14% market share.

Tether’s USDT, the dominant player in the stablecoin market, may face increased competition as EU regulations improve. Unlike USDC, USDT is not EMI-licensed, and Tether CEO Paolo Ardoino remains skeptical of MiCA’s requirement for 60% backing in bank cash.