Robinhood has revealed plans to launch cryptocurrency buying and selling within the European Union quickly after receiving regulatory approval.
The corporate detailed its development roadmap in its third quarter 2023 earnings report on Nov. 7. The EU crypto rollout is meant to come back after the agency launches brokerage companies within the UK, which it says it expects within the coming weeks. ”
Robinhood’s push into Europe comes regardless of a latest dip in crypto income amid bearish market circumstances. Cryptocurrency transaction income fell 55% year-over-year to $23 million in Q3 2023, down from $51 million in Q3 2022.
Crypto exercise now makes up simply 12% of Robinhood’s whole transaction income. Nevertheless, the corporate stays centered on providing crypto merchandise internationally to broaden its buyer base.
Robinhood CEO Vlad Tenev stated:
“Wanting forward, we stay centered on offering industry-leading merchandise that serve way more of consumers’ monetary wants, gaining market share, increasing internationally, and persevering with to vary the {industry} for the higher.”
Whereas crypto slowed, Robinhood noticed substantial development in different areas. Internet curiosity income jumped 96% year-over-year to $251 million resulting from larger rates of interest and rising interest-earning belongings. General income elevated 29% from Q3 2022.
Robinhood additionally reported 360,000 new funded accounts in Q3 2023, bringing whole funded accounts to 23.3 million. Nevertheless, month-to-month energetic customers declined 16% to 10.3 million.
The platform goals to spice up engagement by enhancing current merchandise like Gold subscriptions, prolonged hours buying and selling, and retirement accounts. New product choices within the pipeline embody launching futures buying and selling.
As Robinhood expands overseas, it faces the problem of navigating numerous regulatory environments. Nevertheless, the corporate stays assured that its mobile-first method can entice new crypto merchants internationally regardless of market volatility.
