Tag: Robinhood

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Robinhood launches crypto transfers in Europe directly through its app

Crypto exchange

The retail investment platform Robinhood has announced the introduction of cryptocurrency transfers in and out of its app for European customers

As part of its international expansion efforts, the company aims to enhance its product offerings in the region.

According to a blog post-dated Tuesday 1st October 2024, Robinhood will enable customers within the European Union to deposit and withdraw over 20 different digital currencies via its platform, including Bitcoin, Ethereum, Solana, and USD Coin.

This development grants Robinhood’s European clientele the option of “self-custody” of assets, allowing them to personally hold their cryptocurrencies in a privately-owned wallet, rather than relying on a third-party service to manage their funds.

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Crypto stocks up as Bitcoin climbs again

Bitcoin

Crypto related stocks climbed Monday 8th January 2024 as the price of Bitcoin increased again to its highest level since April 2022.

Crypto exchange Coinbase rose 3%, while Block and Robinhood, which also offer Bitcoin trading services, added 3% and 5%, respectively. Mining stocks enjoyed gains too: Marathon Digital and Riot Platforms advanced some 8% each. CleanSpark and Iris Energy both added 6%.

ETF decision closer

Bitcoin rallied above $47,000 as BlackRock, Grayscale and other potential Bitcoin ETF issuers submitted final updates to the Securities and Exchange Commission (SEC), that bolstered investors’ confidence that a likely positive decision is due soon.

Bitcoin 24-hour chart Monday 8th – Tuesday 9th January 2024

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Robinhood, the stock trading app to launch in UK

Robinhood app

Online investments app Robinhood said Thursday 30th November 2023 that it’s set to launch its platform in the U.K. in early 2024, marking the company’s third attempt at cracking international expansion.

Features on offer by the firm include the ability to choose from 6,000 U.S. stocks including Tesla, Amazon and Apple, and 24-hour trading five days a week. However, Robinhood will not offer U.K. stocks to begin with but will look to add them as it brings more products into the platform later. The U.K. version won’t include options and other derivatives at launch, either.

FCA warned of ‘gamification’

The FCA has previously warned about ‘gamification’ of investments, something the U.S. Securities and Exchange Commission is also worried about. Companies are obligated to respect consumer standards set out by the regulator.

Regulators are concerned brokerage apps like Robinhood and eToro, which engage retail investors with stimulating features like colourful graphics, push notifications, and a game-like interface, may encourage excessive trading that harms investors but is profitable for the market-makers.

Safeguards

Customer cash will be held in segregated accounts protected by U.S. Federal Deposit Insurance Commission insurance, Robinhood said, rather than the U.K. Financial Services Compensation Scheme. Robinhood users will be able to make a 5% annual yield on cash held in their accounts.

This will be the third attempt by Robinhood to launch in the UK.