2023-11-9 15:44 |
Robinhood is planning an expansion into the EU, according to CEO Vlad Tenev. Tenev answered a number of questions during the third quarter earnings call on Tuesday, November 7, including what were his thoughts on the performance of Bitcoin, Ethereum, and the rest of the crypto market.
Robinhood to enter the EU market in weeks to comeSpeaking on the crypto sector, Tenev acknowledged the strong performance of top coins, but he also added that the volume trends are still low, both on Robinhood and industry-wide.
However, he sees a new opportunity for Robinhood in the European market, as the company is working on expanding its services in the EU. Doing so will significantly expand the number of customers that Robinhood serves.
The CEO did not specify when Robinhood will officially enter the EU market, but he said it could be expected in the “coming weeks.”
With an experienced team in place, we will soon launch brokerage operations in the U.K.. As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch.
The company has been preparing for the expansion throughout the summer, such as hiring staff in the UK ahead of the expansion.
The UK is an excellent opportunity, as the recent introduction of the new crypto rules has caused a number of offshore companies to suspend services to their UK customers.
While some companies have only suspended their services temporarily while seeking regulatory compliance, others have left the UK market entirely.
Robinhood’s crypto revenue drops; the company is looking to relist several cryptosGoing back to crypto, Robinhood said that its crypto-related revenue in Q3 dropped to $23 million, representing a 55% decline compared to the same period in 2022.
One reason for this may be the fact that the company ended support for multiple cryptocurrencies in June 2023 after the US SEC filed lawsuits against Binance and Coinbase for listing those same coins.
Cryptocurrencies in question — Cardano (ADA), Polygon (MATIC), and Solana (SOL) — might soon see a return to Robinhood’s service, however.
Tenev commented that regulatory clarity plays a crucial role in decision-making. When asked what would give him comfort to relist the removed coins, he said:
It’s hard to say what specifically we’re waiting for to give us comfort. I think that rules — rule-making court case data, that all helps. And of course, we’ll continue to push for regulatory clarity because I think it would be a shame for the innovation that we’ve been seeing in crypto to be co-opted overseas. I think it’s very, very important for the US to remain a leader in every new technology in the industry that we possibly can.
Robinhood now offers only 15 cryptocurrencies, including some of the industry’s most prominent — Bitcoin, Ethereum, Dogecoin, and Avalanche.
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