Robinhood introduces latest 'localized' version of trading app in Spain as it continues European expansion

Robinhood Crypto (ticker HOOD) announced on Tuesday that users in Spain can now use the platform’s trading, staking, and investing services. This represents the company’s latest expansion in Europe, following the implementation of the EU’s Markets in Crypto-Assets regulations.

Last year, the U.S.-based trading platform unveiled a plan to expand its services to the European Union, the United Kingdom and Asia.

“In terms of total addressable market, [the EU] is as big as the U.S.,” Johann Kerbrat, general manager of Robinhood’s crypto unit, said at the time. “It’s definitely an interesting market for us.”

Notably, in October, Robinhood Crypto launched crypto transfers for European customers, enabling them to deposit and withdraw about two dozen tokens, which became “one of the most requested features in the region.” For a limited time, Robinhood had incentivized user growth by offering a 1% reward on the value of their crypto deposits.

The commission-free trading platform first entered the European market at the  end of 2023 , though it did not enable users to withdraw their tokens or access many of its features until months later. In March 2024, it rolled out brokerage operations in the U.K. As part of its strategy, the company has been gradually introducing  "localized versions" of its app in countries like Italy, Poland, and Lithuania. 

“Since launching at the end of last year, our customers in Europe have told us loud and clear that they want an app that provides local language support and products that help them earn additional passive income,” Kerbrat previously said.

Robinhood also announced in July it planned to offer cryptocurrency futures in the U.S. and Europe after completing its $200 million acquisition of Bitstamp, which is expected to be completed in the first half of the new year. 

Bitstamp holds over 50 licenses and registrations globally, including in Singapore, the U.K. and the E.U.

A number of U.S.-based companies like Coinbase and Kraken have announced European expansions in anticipation of MiCA’s rollout, harmonizing rules and consumer protections for crypto actors across the 27-nation trading bloc. MiCA came into full effect at the end of December.

Bernstein analysts said Robinhood , which has typically been seen as a more conservative platform in that it is often slower to list tokens and features, could benefit most from a pro-crypto Trump administration and predicted it would see a leap in revenues. In an unusual move for the firm, Robinhood listed Donald Trump’s “Official Trump” memecoin , which launched last Friday.