Robinhood Crypto Trading App Prepares To Expand With UK Launch And London Office
The US-based stock and cryptocurrency investment platform Robinhood is getting prepared to reach a new market in Europe. In a recent report uploaded by TechCrunch, the zero-fee crypto exchange is recruiting new individuals and experts for its new office in London as it seems that the company wants to enter the United Kingdom market.
TechCrunch informed that some sources commented that Robinhood is searching for people to work on marketing and PR, customer support and operations manager, among others. The intention is to also seek people in compliance and product design.
In the future, the cryptocurrency platform and trading app will have to be compliant with regulations in the United Kingdom. A few days ago, we reported that the Financial Conduct Authority (FCA) is increasing its surveillance in the crypto market.
The trading application has been working on an exchange that allows users to freely trade virtual currencies. This is different from what other exchanges are currently doing. In general, trading platforms charge users every single time they perform a trade.
Revolut, another startup located in London, announced that it is planning to add a commission-free trading platform to its banking application that has been one of the most successful in the European market.
At the moment, Robinhood makes money by selling order flow to exchanges that need more liquidity. In addition to it, the platform has gold subscriptions in which users pay between $10 and $200 per month to borrow funds to trade on margin.
Robinhood news generated some controversies among the crypto community. Some individuals explained that this could not be beneficial for some users on the platform. However, this is compensated by the fact that there are no fees for users to trade digital assets on their app.