Robinhood prepares to launch cryptocurrency trading in Europe

Robinhood prepares to launch cryptocurrency trading in Europe
Robinhood prepares to launch cryptocurrency trading in Europe

quarterly financial report Robin Hood has been announced – which is a bit disappointing for shareholders but very exciting news for EU customers.

Revenue down since last quarter

The report shows that Robinhood’s revenue in the third quarter of 2023 totaled US$467 million, with profits falling by 4% quarter-on-quarter. Overall, Robinhood lost $85 million in the third quarter, resulting in a loss of 9 cents per share.

Robinhood’s cryptocurrency arm, however, tells a slightly different story.

Although the number of cryptocurrencies held on behalf of clients has decreased by approximately 11% since last quarter, the current $10.2 billion figure is still 9% higher year-over-year than in the third quarter of 2022 (when crypto winter is still in full swing) Investors The cautious attitude is also becoming stronger and stronger.

Robinhood Chief Executive Vlad Tenev is gearing up for further expansion despite declining revenue and tough decisions as the popular trading platform’s financial situation leads to tough decisions.

“Going forward, we will continue to focus on delivering industry-leading products, meeting the financial needs of more customers, gaining market share, expanding our international business, and continuing to change the industry for the better. (…) We are focused on leveraging this (the situation) serves as an opportunity to build the capabilities of our platform.”

One of the expansions is Robinhood’s plan to allow cryptocurrency trading in the EU, which will be implemented “in the coming weeks.”

Better legal environment

Until now, cryptocurrency trading on Robinhood was only available in the United States. However, Robinhood is bringing cryptocurrency trading capabilities to Europe, just months after the company announced plans to acquire a British company before expanding overseas.

Tenev said that the regulatory environment in Europe allows for the creation of different asset classes than in the United States – which may be a reference to the decision to delist ADA, SOL and MATIC after the SEC sued Binance and Coinbase for allowing said asset classes. Tokens in circulation. Transactions are made believing that they are unregistered securities.

“(European Union) regulatory clarity will allow Robinhood to offer a different asset mix than in the United States. It would be a shame if innovations in the cryptocurrency market were adopted abroad.”

Ark Invest, eToro and Galaxy Digital have also announced plans to expand into Europe in recent months, as the SEC continues to prosecute companies it believes violate U.S. financial laws.

General Bitcoin News.

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