Robinhood has introduced a new functionality for its European users, now allowing them to deposit and withdraw more than 20 different cryptocurrencies.
Digital currencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC) are accessible for transfers as of October 1.
According to Robinhood, this feature has been a top request from European customers, now giving them greater control over their holdings.
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Robinhood's expansion into Europe started in December of last year when it first launched a crypto trading service in the EU. This latest update is seen as part of the company's efforts to dive deeper into the potential of the European market. Johann Kerbrat, the head of Robinhood Crypto, commented:
With the launch of crypto transfers in Europe, we're making self-custody and entering DeFi simpler and more accessible for our customers. 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 introduction of the new transfer feature comes at a time of heightened regulatory scrutiny across Europe regarding digital assets. However, Robinhood assures its stakeholders that it has been in constant communication with regulators to ensure compliance.
Concerns arose following Robinhood's recent $3.9 million settlement with California's Department of Justice, which accused the company of preventing users from withdrawing funds and misleading them about crypto storage.
To reassure users, Robinhood highlighted that most of their crypto is stored in secure cold wallets. Additionally, customer accounts are protected by top-level security measures, and the platform provides crime insurance to protect against theft and cyberattacks.
