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Robinhood Markets Inc. has introduced a new application for commission-free cryptocurrency trading within the European Union.
As reported by Bloomberg, this new application will enable European investors to trade over 25 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Johann Kerbrath, CEO of Robinhood Crypto, mentioned that it will also feature a loyalty program akin to cashback, providing a percentage of each user’s monthly trading volume as Bitcoin rewards.
See Also: Robinhood Launches Crypto Services in Europe, Shares BTC to Users
Currently, European Robinhood Crypto users will not have the ability to transfer their cryptocurrency assets outside of the application. This capability is anticipated to be introduced next year, along with additional tokens and staking services.
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The company will need to secure full authorization as a crypto service provider in at least one EU member state once the new Markets for Crypto-Assets (MiCA) framework is implemented in early 2025.
However, Robinhood does not plan to extend its crypto services to UK investors at this time, citing a lack of regulatory clarity concerning digital assets.
See Also: Investment Giant Ark Invest Is Selling Coinbase Shares To Buy Robinhood Shares
Robinhood previously submitted a report to the U.S. Securities and Exchange Commission (SEC), which included a 75% rise in crypto trading volumes on its platform in November compared to the previous month.
Increasing trading volumes in digital assets may signify a pivotal moment for Robinhood, which has faced declining cryptocurrency revenue over recent quarters.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The post Robinhood Launches A Commission-free Crypto Trading App appeared first on BitcoinWorld.
