Robinhood has introduced a new functionality for its European users, now allowing them to deposit and withdraw more than 20 different cryptocurrencies.
Digital currencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC) are accessible for transfers as of October 1.
According to Robinhood, this feature has been a top request from European customers, now giving them greater control over their holdings.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
What is a Smart Contract? (Explained with Animations)
Robinhood’s expansion into Europe started in December of last year when it first launched a crypto trading service in the EU. This latest update is seen as part of the company’s efforts to dive deeper into the potential of the European market. Johann Kerbrat, the head of Robinhood Crypto, commented:
With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers. Support for deposits and withdrawals gives customers more control over their crypto while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.
The introduction of the new transfer feature comes at a time of heightened regulatory scrutiny across Europe regarding digital assets. However, Robinhood assures its stakeholders that it has been in constant communication with regulators to ensure compliance.
Concerns arose following Robinhood’s recent $3.9 million settlement with California’s Department of Justice, which accused the company of preventing users from withdrawing funds and misleading them about crypto storage.
To reassure users, Robinhood highlighted that most of their crypto is stored in secure cold wallets. Additionally, customer accounts are protected by top-level security measures, and the platform provides crime insurance to protect against theft and cyberattacks.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.