{"id":11035,"date":"2023-11-08T10:17:51","date_gmt":"2023-11-08T10:17:51","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/robinhood-to-launch-crypto-trading-services-in-eu-in-the-coming-weeks\/"},"modified":"2023-11-08T10:17:52","modified_gmt":"2023-11-08T10:17:52","slug":"robinhood-to-launch-crypto-trading-services-in-eu-in-the-coming-weeks","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11035","title":{"rendered":"Robinhood to Launch Crypto Trading Services in EU in the &#8220;Coming Weeks&#8221;"},"content":{"rendered":"<div>\n<figure id=\"attachment_128478\" aria-describedby=\"caption-attachment-128478\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128478\" class=\"wp-caption-text\">Source: AdobeStock \/ Rafael Henrique<\/figcaption><\/figure>\n<p>Robinhood has revealed plans to introduce cryptocurrency trading services in the European Union (EU) in the near future.<\/p>\n<p><strong>Vlad Tenev<\/strong>, CEO and co-founder of the popular brokerage firm, <span data-preserver-spaces=\"true\">made the announcement<\/span> during the company\u2019s third-quarter earnings report.<\/p>\n<p>\u201cLooking ahead, we remain focused on providing industry-leading products that serve far more of customers\u2019 financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better,\u201d he said in a statement.<\/p>\n<p>While Robinhood\u2019s move to extend its crypto trading services beyond the United States into Europe is undoubtedly a significant development, it coincided with a decline in the platform\u2019s overall crypto trading revenue.<\/p>\n<p>The third-quarter earnings report showed a 26% drop in revenue, from $31 million in the previous quarter to $23 million.<\/p>\n<p>Furthermore, when compared to the previous year, Robinhood experienced a significant decrease of 55% in crypto revenue, down from $51 million in 2022.<\/p>\n<p>Moreover, the report highlighted an approximately 11% decrease in the total value of crypto assets held on behalf of customers, dropping from $11.5 billion in the previous quarter to $10.2 billion.<\/p>\n<p>However, there was a 9% year-over-year increase compared to $9.4 billion.<\/p>\n<p>In addition to the decline in crypto revenue, Robinhood reported a 4% decrease in total revenue from the previous quarter, falling from $486 million to $467 million.<\/p>\n<p>The company\u2019s third-quarter loss of $85 million, equivalent to a per-share loss of nine cents, was below analysts\u2019 expectations of two cents.<\/p>\n<h2>Robinhood Records $25 Million in Profit in Q2<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In the second quarter of 2023, Robinhood recorded a profit of $25 million.<\/p>\n<p>Following the earnings report, the company\u2019s shares experienced a decline of up to 7.5% in after-market trading, reaching $9.03.<\/p>\n<p>Robinhood\u2019s decision to expand its crypto trading services into Europe follows its earlier announcement of plans to enter the United Kingdom market.<\/p>\n<p>This move represents one of the company\u2019s most ambitious crypto-related initiatives since the introduction of its crypto wallet in 2022.<\/p>\n<p>Notably, Robinhood has <span data-preserver-spaces=\"true\">scaled back its offerings<\/span> in the United States due to regulatory actions taken by the Securities and Exchange Commission (SEC).<\/p>\n<p>In June, the SEC <span data-preserver-spaces=\"true\">sued both Binance<\/span><span data-preserver-spaces=\"true\">, the world\u2019s largest cryptocurrency exchange, and\u00a0<\/span><span data-preserver-spaces=\"true\">Coinbase, the largest US-based cryptocurrency<\/span><span data-preserver-spaces=\"true\">\u00a0exchange.<\/span><\/p>\n<p>Shortly after, Robinhood delisted a number of major tokens from its crypto trading platform that were categorized as securities in the lawsuits.<\/p>\n<p>Additionally, in August, it was reported that Robinhood and Jump Crypto, a major market maker for crypto, <span data-preserver-spaces=\"true\">terminated their business relationship<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p>Jump Crypto had attracted the SEC\u2019s attention due to its involvement with Do Kwon, the creator of TerraUSD.<\/p>\n<h2>Robinhood CEO Remains Optimistic About Crypto<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>During an investor call following the release of the third-quarter earnings report, Tenev addressed concerns regarding the downturn in the crypto market.<\/p>\n<p>He stated that the company views this as an opportunity to enhance its platform and capabilities.<\/p>\n<p>Tenev further expressed his belief that expanding crypto trading into Europe, where regulatory clarity prevails, will enable Robinhood to offer a distinct set of assets compared to the U.S. market.<\/p>\n<p>This expansion, he added, has the potential to introduce the brokerage\u2019s crypto business to hundreds of millions of new users.<\/p>\n<p>Regarding the U.S. market, Tenev mentioned that Robinhood is awaiting guidance from the government.<\/p>\n<p>He voiced concerns that innovation within the cryptocurrency market might be overshadowed by developments overseas and stressed the importance of fostering innovation domestically.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/robinhood-to-launch-crypto-trading-services-in-eu-in-the-coming-weeks.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Rafael Henrique Robinhood has revealed plans to introduce cryptocurrency trading services in the European Union (EU) in the near&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11035","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robinhood to Launch Crypto Trading Services in EU in the &quot;Coming Weeks&quot; | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Rafael Henrique Robinhood has revealed plans to introduce cryptocurrency trading services in the European 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