Robinhood Launches Cryptocurrency Transfers for European Customers, Offering 1% Match on Deposits

Robinhood Markets Inc. has rolled out a new feature for its European customers: cryptocurrency transfers. This allows users to deposit and withdraw more than 20 different cryptocurrencies.

Some of the supported cryptocurrencies include Bitcoin (BTC/USD), Ethereum (ETH/USD), Solana (SOL/USD), and USD Coin (USDC/USD). This feature is designed to give customers more flexibility and control over their digital assets.

Johann Kerbrat, the VP and GM of Robinhood Crypto, said, “With the launch of crypto transfers in Europe, we're making self-custody and entering DeFi simpler and more accessible for our customers.”

To sweeten the deal, Robinhood Crypto is offering a 1% match on all crypto deposits for a limited time. This match will be paid in the same cryptocurrency that users deposit, but there is a cap on the amount.

Robinhood Crypto also provides other benefits. These include zero-fee Bitcoin trading, staking rewards, and educational resources. Plus, the platform emphasizes security with crime insurance against theft and cybersecurity breaches.

The launch of crypto transfers fits into Robinhood's strategy to expand in the cryptocurrency market. Recently, there have been reports that Robinhood and Revolut Ltd. are considering launching their own stablecoins. This move could challenge Tether (USDT/USD) in the $170 billion stablecoin market.

Analysts are optimistic about Robinhood’s growth. Piper Sandler’s Patrick Moley recently raised the price target for Robinhood stock, citing the company’s expanding crypto operations and a favorable retail trading environment.

However, not all news has been positive. Cathie Wood’s Ark Invest has been cutting back on its holdings in Robinhood, selling shares amid fluctuating interest rates and regulatory challenges. This includes a $3.9 million settlement with California’s Department of Justice over a previous ban on Bitcoin withdrawals.

As for the stock market, Robinhood Markets’ shares closed at $23.42 on Monday, down 1.97% for the day. In pre-market trading, the stock edged up by 0.81%. Year-to-date, Robinhood’s stock has surged by 89.33%, according to data from Benzinga Pro.