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Robinhood Markets, Inc. is planning to introduce its crypto trading service in the European Union region. The plan comes even after it was reported that cryptocurrency revenue dipped by almost 26% from last quarter.
Robinhood said it will open the crypto trading platform for the EU in the coming weeks without mentioning a specific time frame. In addition, it is also looking to establish its brokerage operations in the United Kingdom, as per CoinDesk.
"With an experienced team in place, we will soon launch brokerage operations in the U.K.," the company stated in its Q3 earnings report this week. "As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch."
Early Preparation for EU Operations
Robinhood reportedly started planning for its foray in the EU region during the summer. At that time, since it was aiming for expansion in the territory, the financial services company was already looking to hire staff for its office in the U.K.
It was noted that the company is making this move amid the suspension of crypto firms’ services in the country. Robinhood may see this as an advantage since it can comply with the new rules that took effect last month.
Brokerage Service in the UK
MarketWatch reported that Robinhood is launching a brokerage in the U.K. in addition to the crypto trading in the EU. The decision was revealed after it reported its third-quarter net loss of about $85 million but sales increased to $467 million compared to the same quarter results last year of $361 million.
“It's been nearly 10 years since we founded Robinhood and we're just getting started. Over the past year, we’ve put a lot more value in products like Robinhood Gold including a 4.9% annual yield on cash and a 3% match on IRA contributions,” Robinhood Markets’ co-founder and chief executive officer, Vlad Tenev, said in a press release. “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”
