Robinhood, the US fintech, is beefing up its EU crypto services by offering its customers the opportunity to deposit and withdraw more than 20 cryptocurrencies, including Bitcoin.
Robinhood currently offers several crypto services across some EU countries including crypto trading, staking (which allows crypto owners to earn rewards for helping to validate transactions on a blockchain) and an educational crypto product which offers rewards.
It is now adding crypto transfers to its services, following customer demand.
Crypto transfers will allow customers of Robinhood, most famous for offering commission-free stock trading, the opportunity to deposit and withdraw more than 20 cryptocurrencies, including Bitcoin, Ethereum and Solana.
Robinhood says the move will mean it can offer customers more flexibility and control over their digital assets.
Johann Kerbrat, VP and GM of Robinhood Crypto, said:
“We have different types of customers. We have the advanced crypto customer and for them it is very important to be able to transfer their asset out of the platform or in the platform depending on the direction they go.
“And we have some customers that are more excited about being able to directly invest on the platform.”
Kerbrat says when Robinhood launched crypto transfers in the US, it had a “couple of million” on the waitlist.
As an incentive, Robinhood is also offering users of the new services a one per cent match on all crypto deposits, paid out in the same cryptocurrency they deposit, for a limited period.
Robinhood does not offer crypto services in the UK.
Kerbrat declined to say how many customers Robinhood had in the EU.
Earlier this year, Robinhood announced that it had snapped up European cryptocurrency exchange Bitstamp, in a $200m deal.
The deal is expected to close in the first half of next year, said Kerbrat.
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