Robinhood Launches Cryptocurrency Transfers in Europe with 1% Deposit Bonus
Date: 2024-10-01 Author: Gabriel Deangelo Categories: BUSINESS
Robinhood customers will now be able to deposit and withdraw over 20 cryptocurrencies, including popular assets like Bitcoin, Ethereum, Solana, and USD Coin. According to the press release, the company has also offered a limited-time promotion: a 1% bonus on all cryptocurrency deposits. This bonus is paid in the same cryptocurrency as the deposit, with a maximum reward of €10,000 per customer.
Additionally, users in Europe will be able to buy, sell, and hold over 35 cryptocurrencies with minimal costs. Additional benefits include the ability to trade Bitcoin commission-free, participate in Solana staking with an annual return of 5.23%, and earn up to 15% on USD Coin deposits. The USDC bonus promotion will run until December 15.
Robinhood Crypto VP and CEO Johann Kerbra emphasized that the new feature provides greater freedom to manage crypto assets while maintaining the company's core values of security, low costs, and reliability.
"Launching crypto transfers in Europe makes self-custody solutions and entry into DeFi more accessible to our customers. The ability to deposit and withdraw funds gives users more control over their crypto assets while maintaining the security and low costs they have come to expect from Robinhood," Kerbra noted.
Robinhood continues to actively expand its crypto offerings. In 2024, the company acquired Pluto Capital, a platform specializing in cryptocurrency and artificial intelligence, as well as the trading platform Bitstamp. These steps are aimed at strengthening the company's position in the global crypto market and attracting institutional clients.
In the second quarter of 2024, Robinhood showed a 40% increase in revenue compared to last year, which is due to an increase in interest in crypto trading. The company's revenue from crypto transactions grew by 161%, and the amount of crypto assets under management reached $20.6 billion.
