Robinhood Q3 earnings report reveals plans to launch crypto services in EU
Nov. 8, 2023
By Jacob Oliver
Robinhood is eyeing the European crypto market, gearing up to launch EU cryptocurrency trading as part of its strategic vision.
Robinhood has revealed plans to launch cryptocurrency trading in the European Union soon after receiving regulatory approval.
The company detailed its growth roadmap in its third quarter 2023 earnings report on Nov. 7. The EU crypto rollout is intended to come after the firm launches brokerage services in the UK, which it says it expects in the coming weeks. ”
Robinhood’s push into Europe comes despite a recent dip in crypto revenue amid bearish market conditions. Cryptocurrency transaction revenue fell 55% year-over-year to $23 million in Q3 2023, down from $51 million in Q3 2022.
Crypto activity now makes up just 12% of Robinhood’s total transaction revenue. However, the company remains focused on offering crypto products internationally to expand its customer base.
Robinhood CEO Vlad Tenev said:
“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.”
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