Mica News: Robinhood Expands Crypto Transfers to Europe, Supporting Bitcoin and Solana

Mica News: Robinhood Enables Crypto Transfers in Europe

Robinhood has launched crypto transfer services in Europe, enabling customers to move cryptocurrencies in and out of its app. This move showcases the American financial services company's dedication to expanding its product offerings and strengthening its global presence in the crypto market.

Customers in the European Union can now deposit and withdraw over 20 digital currencies, including BTC, ETH, SOL, and USDC, via Robinhood’s platform. They can also self-custody assets instead of storing their holdings with third parties.

Limited-Time Incentives

With the launch of the service, European customers can receive 1% of the value of tokens deposited on the platform back in the form of the equivalent cryptocurrency they transfer into Robinhood, a limited-time marketing strategy.

Regulatory Landscape

This development comes barely a year after Robinhood Crypto forayed into the EU market. The venture allowed customers to buy and sell cryptocurrencies but did not permit movement of assets away from the platform. The latest development changes that.

Robinhood’s move acknowledges the region's potential to become an attractive market for digital currencies. Its general manager, Johann Kerbrat, cited crypto-friendly regulations adopted in Europe’s 27-member bloc, indicating improvements as Markets in Crypto-Assets (MiCA) come into full effect. This regulatory clarity has enabled companies like Circle to obtain an Electronic Money Institution (EMI) license under MiCA.

Amid this environment, speculation arose regarding Robinhood exploring stablecoin launches alongside Revolut, but the retail investing platform has firmly denied these claims.