Robinhood has decided to launch its crypto app in the European Union and the trading platform is introducing a Bitcoin rewards program.
Thanks to this program, its customers would be able to earn back a percentage of their total trading volume in Bitcoin every month.
The announcement
The news was announced through a blog post in which the company said that Robinhood Crypto would be available to all customers eligible in the EU.
It also disclosed the rewards program that would be based on the trading volume of the customers and their rewards would be deposited in their accounts in the form of Bitcoin.
There is also a referral program for signing up and referring 300 friends, which would get rewards of up to 1 BTC.
However, Robinhood also pointed out that 98% of the rewards in BTC are worth €10 to €20 and a full 1 BTC would only be given to 2% of the participants.
As far as Bitcoin rewards are concerned, a trading volume between €0.10 and €100,000 would receive a reward of 0.10%.
Meanwhile, volumes of more than €1 million would see the rewards increase to 0.325% and they will remain locked in the accounts of the users for 30 days after they are given.
The rollout
Users will be able to receive the award if their monthly trading volume is more than €100, or else they will be rolled over until they can reach this threshold.
The rollout of the Robinhood Crypto app in the European Union comes just after the launch of the platform in the United Kingdom last week.
The platform has launched with trading support for more than 25 cryptocurrencies, which include Bitcoin and Ethereum.
There are other tokens as well, along with crypto staking, crypto transfers, and crypto learning rewards scheduled to come in 2024.
The details
Upon the launch of the trading platform, users will not be able to transfer crypto tokens to and from Robinhood, but it has promised to add this service soon.
Earlier this year, Robinhood removed Solana, Polygon, and Cardano from its platform after they were labeled as unregistered securities by the US Securities and Exchange Commission (SEC).
This happened in the lawsuits that the regulator had filed against crypto exchanges Coinbase and Binance.
Johann Kerbart, Robinhood Crypto GM, stated with the announcement and said that crypto plays a key role in their goal to democratize finance for everyone.
He added that the ‘comprehensive’ regulation in the EU for crypto assets played an important role in its decision to launch the trading platform in the region.
Earlier this year, the EU passed its landmark Markets in Crypto Assets (MiCA) regulation that takes a unified approach to regulating crypto assets in all 27 member states of the bloc.
This means that companies approved in one country in the EU would be able to access other markets in the bloc without requiring a great deal of paperwork.
All EU citizens aged 18 or above will be able to access the Robinhood Crypto app and it can be downloaded on Android and iOS devices.