Robinhood, the well-known trading platform, is set to extend its crypto trading services into the European Union (EU) and establish a brokerage in the United Kingdom (UK) in the near future.
The company announced its intentions in its third-quarter earnings statement.
“With an experienced team in place, we will soon launch brokerage operations in the U.K. As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch.”
During the summer, Robinhood expressed its interest in hiring staff in the UK as part of its regional expansion efforts.
This development aligns with the company’s strategy, taking place as certain crypto firms have halted their services for UK customers due to new regulatory requirements introduced on October 8.
These rules mandate clear risk labels and system changes for crypto firms operating in the UK.
In its earnings statement, Robinhood reported a 55% decrease in crypto-related revenue for the third quarter, with earnings amounting to $23 million, a decline from the same period a year ago.
Notably, in June, Robinhood ceased support for tokens named in the SEC lawsuits against crypto exchanges Binance and Coinbase, including Cardano (ADA), Polygon (MATIC), and Solana (SOL).
Currently, the trading platform offers services for 15 different cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and Avalanche (AVAX).
Despite the expansion plans, Robinhood’s company shares experienced a 5.8% drop in post-market trading due to Q3 revenue falling short of analyst estimates, and disappointing guidance.
For the year, HOOD shares have risen approximately 18%, compared to the S&P 500’s 14% advance.