On Tuesday, Robinhood's crypto unit said it has given European customers the ability to deposit and withdraw more than 20 digital assets as the popular trading app looks to build on its expansion efforts in the region.
The update that supports cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and USD Coin (USDC) will follow strong demand from European clients, Robinhood said in a statement.
The move is in line with the company's broader strategy to expand its European footprint. Robinhood is positioning the move as a way to give users more control over their digital assets and ease access to DeFi.
Robin Hood Crypto Vice President and General Manager Johannes Kerbrat told Decrypt that “it was one of the main features requested by our customers.”
In December, Robinhood launched its cryptocurrency service in the European Union, which allows users to trade more than 25 digital currencies for the largest returns in the industry.
Tuesday's launch comes amid increased regulatory scrutiny for digital assets in Europe.
The marketing team recently approved the Markets in Crypto-Assets (MiCA). Regulation last yearEstablish clear standards for crypto companies operating in the region.
These new regulations will be phased in and will mainly focus on stablecoin withdrawals, anti-money laundering measures and consumer protection.
Countries like Germany and France have already implemented strict licensing requirements for crypto service providers as a result. Either way, the changes don't seem to have hampered the California-based business app's growth ambitions.
“We are a big company, and we are It is used to communicate with controllers” Kerbrat said. “From the beginning, we went to the supervisor, we had contact and discussion with them.”
That's at least some consolation for Robinhood Equity investors who learned last month that the company agreed to pay $3.9 million in a settlement after it was accused of preventing customers from withdrawing digital assets from their accounts over a four-year period.
When asked about customer asset security, Kerbrat said most of his assets are kept in cold storage and the company uses crime insurance to protect against phishing attacks.
Robinhood implements additional security measures, including user education and transaction scanning, to protect against alleged fraud, Kerbat added.
Edited by Sebastian Sinclair.
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