Robinhood Introduces Crypto Transfers in Europe as It Doubles Down on Expansion

Robinhood is now offering crypto transfers in and out of its app to customers in the European Union.

The trading app launched in the EU in December as more and more U.S. exchanges look to expand in the trading bloc.

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Robinhood (HOOD) customers in the European Union can now transfer more than 20 cryptocurrencies, including include bitcoin (BTC), ether (ETH), solana (SOL) and USD coin (USDC), in and out of the trading app.

The California-based company is expanding its offerings as the bloc’s crypto laws known as Markets in Crypto Assets (MiCA) come into effect.

“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” Johann Kerbrat, VP and general manger of Robinhood Crypto, said in a statement. “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 new capability comes 10 months after the trading app started letting customers in the EU trade crypto, saying the region has one of the world’s most comprehensive policies for crypto asset regulation.

In March, the company fully rolled out its brokerage operations in the U.K. It began to onboard customers in the non-EU country a year ago after an earlier attempt failed due to a shift of focus during the Covid pandemic.

Many U.S.-based crypto exchanges have doubled down their operations in Europe after the advent of MiCA, which will come into effect this year. Coinbase (COIN), the largest U.S. exchange, is looking to offer derivatives in the European Union, it announced in January, while Kraken recently acquired a German crypto service provider to expand its footprint in the region.