Despite a slight dip in revenue, Robinhood, the popular trading app, is expanding its crypto trading services to Europe. This move comes as cryptocurrencies continue to gain popularity and Robinhood seeks to broaden its global reach.
Robinhood reported a 4% decline in revenue for the last quarter, totaling $467 million. However, the company’s crypto holdings have increased by 9% from last year, indicating continued interest in cryptocurrency trading.
Despite the revenue dip, CEO Vlad Tenev remains optimistic about the company’s growth prospects and plans to expand its services to more countries.
Robinhood’s decision to launch crypto trading in Europe is driven by the region’s more favorable regulatory environment.
Unlike the United States, where Robinhood has faced challenges with regulations, the EU offers a more welcoming environment for cryptocurrency trading.
This expansion will allow Robinhood to offer new crypto assets not available in the U.S., further enticing European users.
Robinhood is not alone in its decision to shift its focus to Europe. Other financial firms, such as Ark Invest, eToro, and Galaxy Digital, are also expanding their presence in Europe due to stricter U.S. regulations.
Cathie Wood’s ARK Invest just purchased a large amount of Robinhood (HOOD) shares a day after the popular trading platform laid out plans to expand in Europe.