Robinhood Launches Crypto Trading and Staking Services in Spain
Robinhood Expands in Europe
- Robinhood Markets Inc has launched a localized trading app in Spain, offering trading, staking, and investing services on its platform.
- This expansion follows the implementation of the European Union's Market in Crypto Assets (MiCA) legislation.
- The company reported over 24 million users globally and $5.2 billion in deposits as of October.
- Robinhood's crypto unit general manager stated that the EU represents a market size comparable to the US.
- In October, Robinhood enabled European users to transfer digital assets and deposit/withdraw over 20 cryptocurrencies.
- A promotional offer includes 1% money back on deposited tokens, returned as cryptocurrency.
- Robinhood is introducing localized services across multiple European regions, including Italy and Poland.
- European users can now stake Ethereum with a promotional 100% match on rewards for up to €10,000.
Acquisition Plans
- Robinhood has agreed to acquire Bitstamp, pending regulatory approvals, enhancing its competitive position in international markets.
- The acquisition supports Robinhood's strategy to expand due to challenging conditions for crypto firms in the US.
- New US administration may lead to favorable regulations for the crypto industry.
- Robinhood is regulated by the SEC and FINRA in the US and holds a BitLicense from the NYDFS.