Robinhood, a popular cryptocurrency trading platform, is expected to expand its services to the European Union (EU) as well as open brokerage operations in the United Kingdom soon. The company released the information in its third-quarter earnings statement on November 7.
“With an experienced team, we will soon launch brokerage operations in the UK,” the company wrote in the document. “As a further step in global expansion, we are also planning to launch crypto trading in the EU following our launch in the UK.”
Currently, Robinhood’s cryptocurrency brokerage services are only available in the United States.
On its official website, the platform highlights that it supports the trading of cryptocurrencies in the country, such as Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Dogecoin (DOGE), Litecoin (LTC), Shiba Inu (SHIB), USDC, among others.
It is worth remembering that, in June, after reevaluating its cryptocurrency offering in light of recent regulatory actions in the United States, Robinhood decided to end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL). The measure came after the SEC’s legal complaint against the exchanges Coinbase and Binance, in which it considered cryptocurrencies to be unregistered securities.
As reported in its third-quarter earnings filing, the company saw transaction-based revenue decline 11% year over year to $185 million. The drop was driven by a 55% decline in crypto revenues to $23 million as cryptocurrency trading volumes declined.
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