Recently, Robinhood grabbed headlines by rolling out its Robinhood Crypto app across all of Europe. This launch seeks to tap into the blossoming interest in cryptocurrencies across the continent, offering users Bitcoin bonuses based on how actively they trade.
Keypoints
- Robinhood officially released its crypto trading platform, Robinhood Crypto, throughout the European Union.
- European traders can earn back a portion of their monthly trading volume as Bitcoin, with the cap at a generous 0.325%.
- Robinhood sweetens the deal with a referral program that gifts users up to one Bitcoin for inviting friends to try the platform.
- At its debut, the app boasts over 25 cryptocurrencies available for trading, including heavyweights like Bitcoin and Ethereum.
- Robinhood pointed to the EU’s Markets in Crypto-Assets (MiCA) regulations as a key factor in its decision to push into the European market.
The app is now open to all qualifying adults in the EU, according to Robinhood’s recent announcement, while coinciding with its broader investment platform launch in the UK. A standout feature for user acquisition is the ‘Crypto Back’ rewards scheme from Robinhood Crypto. It functions by giving users a Bitcoin percentage based on their monthly trading volume from over 25 crypto options.
Bitcoin rewards start at 0.10% for monthly trading between €0.10 and €100,000, increasing to 0.325% for those trading over €1 million. To qualify, traders must trade over €100 monthly, or else their rewards accumulate until they meet this criteria.
When users first register, they could get as much as 1 BTC, and they can earn another 1 BTC for successfully bringing friends onboard.
Part of what makes Robinhood’s crypto offering compelling is the absence of trading fees. Their interface clearly breaks down the bid-ask spread, showing the platform's behind-the-scenes partnerships that facilitate trading.
While the function to transfer crypto on and off the app will arrive later, EU users can currently engage in trading among the 25+ supported coins at launch.
Robinhood’s interest in expanding into the EU was significantly driven by the progressive crypto regulations like MiCA, ensuring cohesive governance across European countries.
With MiCA's unified regulatory standards, once approved to operate in one European nation, a platform can swiftly expand across borders, abided by criteria including transparency and security measures.
Ultimately, Robinhood aims to take advantage of the burgeoning crypto market in Europe, with crypto ownership having tripled since 2019 per the company’s data. By offering compelling crypto rewards and a seamless trading experience, Robinhood Crypto aspires to capture a meaningful share of market growth.
Editor and founder of Kooc Media, a UK-Based digital media outlet focused on blockchain and open-source technology, promoting an Internet that is free and fair.
