Company demonstrates strong growth with 24 million global users and $5.2B in October deposits, targeting EU market comparable to US size.
Strategic expansion includes promotional offers like 1% crypto cashback on deposits and 100% match on ETH staking rewards up to €10,000.
Pending Bitstamp acquisition strengthens global presence with over 50 international licenses, positioning for competitive advantage in European markets.
As part of its expansion move in Europe, financial service provider (NASDAQ: HOOD) has launched a ‘localized’ version of its trading app in Spain. Based on the announcement on Tuesday, this latest development offers residents of the country access to trading, staking, and investing services on the Robinhood Crypto platform.
This comes after the European Union’s (MiCA) legislation became effective.
Robinhood Pursues Expansion in Europe
Last year, the American trading and clearing company witnessed a significant milestone in its growth. Robinhood exceeded 24 million users worldwide, and its deposits reached an impressive $5.2 billion in October alone. It also expanded its services to the European Union, the United Kingdom, and Asia.
Regarding Robinhood’s attempt in the EU, the company’s crypto unit general manager Johann Kerbrat noted, “In terms of total addressable market, [the EU] is as big as the US.”
He also added that the EU is an “interesting market” for its expansion.
In October, Robinhood allowed European users to into and out of its app. These customers could deposit and withdraw over 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). Before this, EU customers could only buy and sell within the Robinhood crypto trading platform.
¡Hola España!
Robinhood crypto is now available for Spanish users to trade, stake, earn, and more. pic.twitter.com/K782rViHXa
— Robinhood Crypto EU (@RobinhoodCrypto) January 21, 2025
¡Hola España!
Robinhood crypto is now available for Spanish users to trade, stake, earn, and more.
— Robinhood Crypto EU (@RobinhoodCrypto)
Furthermore, it incentivized customers by offering a special promotion of 1% money back on the value of the tokens they deposit, which are returned as cryptocurrency. Meanwhile, the financial manager has been introducing ‘localized’ versions of its services in several regions, including Italy, Poland, and Lithuania.
On November 26, the company announced that European users can now to earn additional income. To attract more users, Robinhood Crypto offered a promotional 100% match on staking rewards for up to €10,000 per customer.
Bitstamp Acquisition and Expansion Plans
It is worth noting that Robinhood has reached an agreement to acquire Bitstamp, a cryptocurrency exchange operating since 2011. While regulatory approvals are still pending, Bitstamp’s established presence includes over 50 licenses and registrations across global markets, including Singapore, the U.K., and the EU. This acquisition would significantly expand Robinhood’s ability to compete in international markets.
Initially, there was a need to expand in response to the unfavorable trading conditions for crypto-related firms in the United States.
“We are disappointed by the way US regulation is happening, where it’s basically regulation by enforcement […] We are not super happy to see that,” Kerbrat once said.
“We are disappointed by the way US regulation is happening, where it’s basically regulation by enforcement […] We are not super happy to see that,” Kerbrat once said.
However, the situation may improve now with the start of a new administration in the US. The 47th president of the US, Donald Trump, is pro-crypto and is keen on introducing policies and legislation in favor of the crypto sector. He has launched a to bring America to the point of accepting cryptocurrency.
Notably, the SEC and the Financial Industry Regulatory Authority (FINRA) regulate Robinhood at the federal level in the US, and it also holds a BitLicense with the New York State Department of Financial Services (NYDFS).
