“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
Robinhood Markets Inc. (NASDAQ:HOOD) is expanding its reach in the European Union by introducing its commission-free cryptocurrency trading service.
This move comes just a week after the company launched its stock trading services in the UK.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
Starting Thursday, the app will enable European users to trade over 25 different cryptocurrencies, including popular ones like Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), and Solana (CRYPTO: SOL), according to Johann Kerbrat, the general manager of Robinhood Crypto, Bloomberg reported.
Kerbrat also revealed that Robinhood will implement a unique loyalty program, offering users a Bitcoin-based cashback equivalent of a portion of their monthly trading volumes.
This introduction aligns with a resurgence in cryptocurrency values, partly driven by the anticipation of a potential reversal in U.S. interest rate hikes and the buzz around the possible launch of the first Bitcoin-linked exchange-traded fund next month.
Robinhood reported a 75% increase in crypto notional trading volumes in November, as per their latest investor update.
Before You Buy That Next Gift, Invest In Your Future With Options
Want to become an options master? In his special 90% discount, Nic Chahine will give you full access to his top options plays, including strategies he’s used to bag two-digit winners. Learn Nic’s time-tested strategies ASAP. Buy here for only $0.99.
Despite this expansion, Robinhood currently has no immediate strategy to extend these crypto services to the UK market, with Kerbrat citing the unclear regulatory environment surrounding digital assets in the region.
Also Read: This Indian Province Is Embracing Web3: How Digital Nomads, Remote Workers Benefit
The company’s revenue model for its crypto brokerage in Europe involves collecting a rebate from market makers and trading venues, which Kerbrat stated would be around 65 basis points per trade, significantly higher than the 35 basis points in the U.S.
The company has observed that, although crypto prices have risen this year, trading volumes haven’t reached the highs seen during the COVID-19 pandemic.
This reduced interest in crypto trading has impacted Robinhood’s overall financial performance, evidenced by a 55% decline in crypto trading volumes in the third quarter compared to the previous year.
Robinhood, which began offering crypto trading in 2018, currently supports approximately 15 tokens in the U.S. However, regulatory actions have led to the removal of several coins, including SOL and Polygon’s (CRYPTO: MATIC), after the U.S. SEC categorized them as unregistered securities.
With the upcoming implementation of the EU’s Markets in Cryptoassets (MiCA) regime in early 2025, the company will need to secure full authorization as a crypto service provider in at least one EU member state.
Read Next: Dogecoin, Shiba Inu And FLOKI Sniff Out Competition As BONK Shakes Up Dog-Themed Token Turf
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
