Robinhood, known for stock and crypto trading, officially launched crypto trading in the European Union after signaling this move in an earnings report a month prior. The app will offer 26 cryptocurrencies, including SOL, MATIC, and ADA—tokens delisted in the U.S. due to regulatory pressures. The company sees Europe’s robust crypto regulations as a key factor in its international expansion, calling it one of the most comprehensive regulatory frameworks globally.
This expansion marks a significant step for Robinhood, following the launch of its Web3 wallet earlier in the year. Despite a dip in crypto revenues since mid-2021, the company is committed to the crypto industry, with recent trading volumes showing a 75% increase in November. Robinhood first introduced its crypto trading platform in 2018, initially offering Bitcoin and Ethereum and later expanding its portfolio to include various cryptocurrencies.
In 2021, crypto transactions contributed to 41% of Robinhood’s total revenue, largely due to the surge in Dogecoin’s value. However, regulatory issues brought challenges. The company faced fines from New York regulators, an SEC subpoena in December 2022, and a lawsuit against Binance and Coinbase that led to the delisting of specific tokens. Despite these hurdles, Robinhood’s decision to relist certain tokens in the EU indicates confidence in Europe’s cryptocurrency legislation introduced in April.
