- With more than 50 digital assets, Robinhood introduces cryptocurrency trading in the UK. Bitcoin, Ether, XRP, HYPE, and other cryptocurrencies can be traded by users in the UK.
- Bitstamp UK, an FCA-registered company, provides the service. At first, Robinhood offers no fees for trading, account upkeep, or custody.
- Users in the UK can access AI-powered market insights with Robinhood Cortex Digests for Crypto.
In the UK, Robinhood Markets is growing its cryptocurrency business by permitting qualified clients to purchase and trade cryptocurrencies in addition to equities, shares, ISAs, options, and futures.
The new service is provided by Bitstamp UK Ltd., a crypto-asset service company that Robinhood purchased for $200 million last year.
More than 50 cryptocurrencies, assets like BTC, Ether, XRP, and HYPE, are now accessible to UK customers due to the launch.
Customers will initially pay no trading, account maintenance, or custody fees, according to Robinhood. A 0.1% foreign exchange fee will apply, while some weekend currency conversions can carry a fee of up to 0.3%.
Crypto assets held through Bitstamp UK are not covered by the UK’s Financial Services Compensation Scheme or the Financial Ombudsman Service.
AI Tool Adds Crypto Market Insights
The UK launch also brings Robinhood Cortex Digests for Crypto to local users.
The AI-powered tool reviews market data, breaking news, technical indicators, and Robinhood’s own insights. It is designed to help users understand why the price of a cryptocurrency may be moving and what factors could be affecting the market.
The feature gives investors additional information directly within the Robinhood platform, making it easier to follow crypto market developments.
Robinhood Expands Its Blockchain Plans
The UK crypto launch comes as Robinhood continues to build its presence in blockchain technology.
In July, the company publicly launched Robinhood Chain, a permissionless Layer 2 network built on Arbitrum. Uniswap serves as the network’s main automated market maker.
Robinhood said the blockchain has processed more than $18 billion in decentralized exchange trading volume and reached more than $840 million in total value locked since its July 1 launch.
Crypto Revenue Falls Despite Record Results
With net revenue of $1.31 billion, up 32% from the same period last year, Robinhood had a solid second quarter overall. In addition, the company’s net income increased by 48% to $573 million.
At $100 million, revenue from cryptocurrency transactions dropped 38% from the previous year. Prediction market revenue surged to $156 million at the same time, surpassing cryptocurrency transaction revenue for the first time.
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