The Crypto Roundup: 07 December 2023 | CryptoCompare.com

Commission-free trading platform Robinhood is expanding its reach with the launch of a cryptocurrency trading platform in the European Union, just a week after it made its international debut with stock trading services in the UK.

Robinhood’s new European cryptocurrency trading app, Robinhood Crypto, will be available from this Thursday and will provide investors access to over 25 cryptocurrencies, including Bitcoin, Ether, and Solana’s SOL.

The firm, according to Robinhood Crypto’s general manager Johann Kerbrat, is set to launch a loyalty program similar to cashback, where users are rewarded with Bitcoin based on a fraction of their monthly trading volume.

Robinhood has revealed in a recent update that cryptocurrency trading volumes on its platform rose 75% in November compared to the previous month. Despite the launch in the European Union, Kerbrat noted that there are no imminent plans to offer crypto to UK investors over a local lack of regulatory clarity.

Its revenue model for the cryptocurrency brokerage will involve earning rebates from market makers and trading venues that execute trades on its behalf. In the European market, these rebates will amount to approximately 65 basis points per trade, above the roughly 35 basis points it currently earns in the U.S.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/07/