From CNBC: 2024-10-01 03:00:01

Retail investing platform Robinhood is expanding its crypto capabilities in Europe, allowing users to deposit and withdraw more than 20 digital currencies. The move gives European customers the ability to “self-custody” assets in a fully owned wallet. The company sees potential in the EU market due to crypto-friendly regulations like MiCA.

Robinhood will offer European customers 1% of the value of tokens deposited on its platform for a limited time. The company is rolling out new features in the EU as U.S. crypto firms face regulatory challenges at home. Robinhood is acquiring Bitstamp to expand globally and gain access to more international markets and regulatory permissions.

The acquisition of Bitstamp is valued at approximately $200 million and is set to close in the first half of 2025. Beyond global expansion, the deal will help Robinhood diversify its crypto business to serve more institutional investors. Currently, Robinhood’s crypto services are only available to customers in the European Union, not the U.K.

Read more: Robinhood launches crypto transfers in Europe in push overseas