According to Bloomberg, trading platform Robinhood, which allows cryptocurrency trading as well as stock trading, has launched its cryptocurrency trading app in Europe. After a successful entry into the stock market in the UK, the platform now provides access to over 25 altcoins, including Bitcoin (BTC) and Ethereum (ETH), to European investors.
Following its entry into the stock market in the UK, Robinhood has now launched commission-free cryptocurrency trading in Europe. European investors will be able to seamlessly trade Bitcoin, Ethereum, and over 25 other cryptocurrencies on the platform.
Johann Kerbrat, General Manager of Robinhood Crypto, stated in an interview with Bloomberg that the launch of the app will be accompanied by an innovative loyalty program that refunds a certain percentage of each user’s monthly trading volume in BTC.
Robinhood’s revenue strategy for cryptocurrency brokers in Europe includes receiving discounts from market makers and trading venues. Kerbrat stated that this discount in Europe would be approximately “65 basis points,” which is almost double the 35 basis points earned from cryptocurrency orders in the US.
While expansion in Europe is an important step for Robinhood, the company will not offer cryptocurrency services to investors in the UK due to regulatory uncertainties surrounding cryptocurrencies. Instead, the company has been licensed as a virtual currency exchange operator in Lithuania since September, and is committed to advancing the global cryptocurrency community in different jurisdictions.