tl;dr
Robinhood Markets (NASDAQ:HOOD) has announced its plans to introduce commission-free crypto trading in the European Union, following its previous announcement that it will launch its stock trading app in the U.K. early next year. This trading app targets eligible EU customers and offers unique...
Robinhood Markets (NASDAQ:HOOD) has announced its plans to introduce commission-free crypto trading in the European Union, following its previous announcement that it will launch its stock trading app in the U.K. early next year.
This trading app targets eligible EU customers and offers unique cashback-like rewards, paying customers a percentage of their trading volume in bitcoin (BTC-USD) every month, with additional incentives for friend referrals. With support for over 55 cryptocurrencies, Robinhood aims to position itself as the lowest-cost crypto trading platform in the EU and intends to roll out more features like additional tokens, crypto transfers, staking, and learning rewards by 2024. In a statement, Johann Kerbat, general manager of Robinhood Crypto, emphasized the significance of crypto as the financial framework of the future and highlighted the comprehensive regulatory policies in the EU as the catalyst for their international expansion plans. The company also aims to bring transparency on fees by displaying the spread, which encompasses the rebate received from sell and trade orders, and ensures that customer coins are kept separate from operational funds through cold storage and rigorous security measures.
As a result of these institutional changes, Robinhood (HOOD) took a strategic position in Bitcoin (BTC-USD), which made headlines as the third-largest holder in the market, behind Binance and Bitfinex. On the stock market, shares of Robinhood (HOOD) experienced a 0.2% premarket decline, matching the fall of 2.4% in Bitcoin (BTC-USD) following the announcement.
More about Robinhood Markets Inc
Robinhood Markets Inc, a finance company in the security brokers, dealers & flotation industry, reported a market capitalization of $8.06 billion and a net income of -$0.82 per share. The company's stock performance showed a 1.979% decrease, closing at $11.58 per share. Market sentiment appeared slightly bullish with a positive RSI of 0.294, despite a negative trend in the stock price. However, it's important to note that past market behavior is not always indicative of future performance, and there may be potential risks or uncertainties associated with this analysis.
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