Robinhood introduces commission-free crypto trading app

2023-12-07 08:49:07

Robinhood Markets Inc. launches a new application for commission-free cryptocurrency trading in the European Union.

According to Bloomberg, the new application will allow European investors to buy and sell more than 25 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Robinhood Crypto CEO Johann Kerbrath noted that it will also offer a loyalty program similar to cashback, rewarding a percentage of each user’s monthly trading volume in the form of Bitcoin. European Robinhood Crypto customers will not be able to transfer their crypto assets outside of the app for the time being. This feature is expected to arrive next year along with other tokens and staking services.

The company will need to obtain full authorization as a crypto service provider in at least one EU member state once the bloc’s new Markets for Crypto-Assets (MiCA) regime comes into force in early 2025.

However, Robinhood does not have any immediate plans to offer its crypto services to UK investors, citing a lack of regulatory clarity regarding digital assets.

Robinhood previously published a report for the U.S. Securities and Exchange Commission (SEC), in which, among other things, it reported a 75% increase in cryptocurrency trading volumes on its own platform in November this year compared to the previous month.

Rising digital asset trading volumes could mark a turning point for Robinhood, which has been experiencing declining cryptocurrency revenue over the past several quarters.

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