New feature allows European users to deposit and withdraw cryptocurrencies, enhancing control and access to DeFi.
Robinhood, a popular US trading app, has introduced a new feature for its European customers: crypto transfers. This allows users to deposit and withdraw cryptocurrencies such as Bitcoin and Ethereum using external platforms. The feature aims to enhance user control over their digital assets and provide easier access to self-custody and decentralized finance (DeFi).
Crypto transfers enable users to move their digital currencies in and out of the Robinhood app. This means that European customers can now transfer their crypto assets to other wallets or platforms, offering greater flexibility and control. The service supports over 20 cryptocurrencies, including popular ones like Bitcoin and Ethereum.
To ensure the safety of transactions, Robinhood requires users to verify their identity and enable two-factor authentication. The company also holds most of its assets in cold storage, which is a secure way to store cryptocurrencies offline, reducing the risk of theft. Additionally, Robinhood provides crime insurance to further protect users' assets.
To encourage the use of this new feature, Robinhood is offering a 1% deposit match for a limited time. This means that users who deposit cryptocurrencies into their Robinhood accounts will receive an additional 1% of the deposit amount, enhancing their investment.
The launch of crypto transfers in Europe is a significant step for Robinhood, especially as it faces regulatory challenges in the US. By expanding its services in Europe, Robinhood aims to provide a safe, low-cost, and user-friendly experience for its customers. This move also aligns with the growing demand for decentralized finance solutions, allowing users more autonomy over their digital assets.
