Robinhood expands cryptocurrency trading in the EU

Nov 08, 2023
In the near future, Robinhood (HOOD) plans to start cryptocurrency trading in the EU and brokerage operations in the UK. This is reported in the company's quarterly report.

Back in the summer of this year, Robinhood planned an expansion and started recruiting employees in the UK. This decision was made against the background of the suspension of services by some companies to customers from the UK after publishing of new rules requiring the provision of clear risk labels and the introduction of systemic changes for crypto companies.

The Robinhood report reports that the company’s revenue from the sale of cryptocurrencies for the third quarter fell by 55% to $23 million compared to the same quarter a year earlier.

Recall that in June Robinhood stopped supporting Cardano (ADA), Polygon (MATIC) and Solana (SOL). Currently, the platform offers trading in 15 different cryptocurrencies, including BTC, ETH, DOGE and AVAX.

After the market closed, the company’s shares fell by 5.8%. Over the year, the HOOD index has grown by about 18%, compared with a 14% increase in the S&P 500 index.