On Tuesday, Robinhood's crypto unit announced that European customers can now deposit and withdraw over 20 digital assets. This update includes popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). The move is part of Robinhood's broader strategy to expand its footprint across Europe.

Meeting Customer Demand

The company revealed that this update is responding to heightened demand from its European customer base. The ability to manage these digital assets provides users with greater control and simplifies access to DeFi.

"It was one of the top requested features from our customers," said Johann Kerbrat, vice president and general manager of Robinhood Crypto, in a statement to Decrypt.

Expansion Efforts

In December, Robinhood launched its cryptocurrency service in the European Union. This allowed users to trade more than 25 digital currencies.

The company aims to capture substantial revenue from one of the industry's largest markets. Tuesday's launch aligns with these efforts during increased regulatory scrutiny for European digital assets.

Navigating Regulations

The European trading bloc recently approved its Markets in Crypto-Assets (MiCA) regulation. These new rules focus on stablecoin issuance, anti-money laundering measures, and consumer protections.

Countries like Germany and France have already implemented stringent licensing requirements for crypto service providers. Despite these regulations, the changes have not deterred Robinhood's growth ambitions.

"We are a large company, and we're used to dealing with regulators," Kerbrat noted. "From the beginning, we went to the regulator, engaged with them, and discussed with them."

Security Measures

Robinhood has also taken steps to ensure the security of customer assets. Most assets are held in cold storage, and the company utilizes crime insurance to protect against phishing attacks.

Additional security measures include user education and transaction scanning to guard against potential scams. This comforts Robinhood equity investors, especially after the company agreed to pay $3.9 million in a settlement last month.

The settlement was related to accusations of preventing customers from withdrawing digital assets over four years.