Robinhood Is Bringing Crypto Trading Services to the EU and Intends to Open UK Brokerage

In the European Union, Robinhood Markets, Inc. intends to launch its cryptocurrency trading business. The proposal was made even after it was revealed that revenue from bitcoin fell by nearly 26% from the previous quarter.

Without providing a time range, Robinhood stated that it will launch the cryptocurrency trading platform for the EU in the upcoming weeks. Furthermore, according to CoinDesk, it intends to launch its brokerage activities in the United Kingdom.

The company said in its Q3 earnings report this week that it will shortly begin brokerage operations in the United Kingdom, adding that it has an experienced team in place. "As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch."

Early EU Operation Preparation

According to reports, Robinhood began preparing for its entry into the EU throughout the summer. The financial services company was hoping to expand into the territory at the time, thus it was hiring people for its office in the United Kingdom.

It was mentioned that the corporation is taking this action in light of the nation's suspension of cryptocurrency firms' services. Robinhood could view this as a benefit because it can abide by the new regulations that went into force last month.

The UK's Brokerage Service

According to MarketWatch, in addition to offering cryptocurrency trading in the EU, Robinhood is opening a brokerage in the United Kingdom. The decision was made public following the company's third-quarter net loss of almost $85 million, despite higher revenues of $467 million over the same period previous year ($361 million).

“It's been nearly 10 years since we founded Robinhood and we're just getting started. Over the past year, we’ve put a lot more value in products like Robinhood Gold including a 4.9% annual yield on cash and a 3% match on IRA contributions,” Robinhood Markets’ co-founder and chief executive officer, Vlad Tenev, said in a press release. “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”