Robinhood, the popular trading platform, has announced its plans to expand its crypto trading services into Europe and the U.K. in the coming weeks. The company also said it will launch its brokerage operations in the U.K. soon, with an experienced team in place.
The move comes as Robinhood reported a 55% drop in its crypto-related revenue in the third quarter, compared to the same period last year. The company attributed the decline to lower trading volumes and prices of cryptocurrencies, especially Dogecoin, which accounted for 62% of its crypto revenue in the second quarter.
Robinhood currently offers trading for 15 different cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Avalanche. However, in June, the company ended support for some tokens that were named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano, Polygon, and Solana.
RobinHood’s Execs Feel Positive About the Future
The company’s CEO, Vlad Tenev, said he is optimistic about the future of crypto and the possibility of a bitcoin ETF in the U.S. He said that people are interested in ways to access crypto more easily and securely and that Robinhood is working to provide them with the best products and services.
Robinhood’s expansion into Europe and the U.K. comes as other crypto exchanges have stopped serving U.K. customers due to new promotions rules that require crypto firms to provide clear risk labels and implement system changes. The rules came into effect on Oct. 8.
Previously, Robinhood’s cryptocurrency trading feature was exclusively available to users in the United States. However, following the company’s recent announcement of its intention to acquire businesses in the United Kingdom as part of its global expansion strategy, Robinhood is now set to extend its cryptocurrency trading services to Europe.
Robinhood said it is committed to complying with the local regulations and ensuring the safety and security of its customers. The company also said it is looking forward to bringing its mission of democratizing finance to more people around the world.