US-based financial service platform Robinhood has announced a major update to its cryptocurrency services for European customers.
As of October 1st (today), Robinhood Crypto, the subsidiary handling the firm’s crypto operations, officially launched the capability for European users to deposit and withdraw digital assets.
This move marks a significant expansion beyond the previous offerings, allowing customers to manage their crypto holdings in a more “flexible manner” by transferring them between different wallets and exchanges.
Notably, prior to today, Robinhood's crypto trading in Europe was limited to buying and selling on its platform, without the ability to move assets to external wallets or other exchanges.
According to the press release, this launch of crypto transfer functionality addresses one of the “most requested features” from its European user base.
Now, customers in the region can access more than 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC), among others.
This enhancement offers more freedom and control over users’ digital assets, potentially changing how European investors use the Robinhood platform for managing their crypto portfolios.
Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto, noted that the primary aim of the new transfer feature is to “enhance accessibility to self-custody and decentralized finance (DeFi).”
According to Kerbrat:
"Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood."
The release further revealed that so far, European users interested in utilizing the transfer feature will need to meet specific requirements for security.
Robinhood states that users are required to verify their identity and activate two-factor authentication on their accounts before they can initiate crypto transfers.
This process ensures that accounts are securely protected and follows a standard industry practice to minimize risks associated with crypto asset management.
According to the information provided by Robinhood, once these steps are completed, it can take up to five business days for the platform to review and activate crypto transfer capabilities.
