As a seasoned researcher with a keen interest in fintech and cryptocurrencies, I find Robinhood Crypto’s 2024 report to be quite impressive. Having closely followed their journey since their initial foray into the European market last year, it is heartening to see the strides they have made in such a short span of time.
2024’s year-end report from Robinhood’s cryptocurrency division highlights their growth and entry into novel marketplaces during the preceding 11 months.
In addition to publishing their latest report, Robinhood Crypto is marking the one-year milestone since they initiated European operations for their digital asset trading sector.
Robinhood Releases End of Year Report
Based on the report, by November 2024, Robinhood Crypto had notional trading volume of $119 billion and held $38 billion worth of cryptocurrencies in custody. The company considered 2024 a significant year for their business due to the achievements it marked.
Robinhood Crypto, a financial platform, now offers its services across all 50 states and territories of the United States, including Hawaii, Puerto Rico, and the U.S. Virgin Islands. This expansion has increased the selection of cryptocurrencies available in the U.S. market to 20, with new additions such as Solana (SOL), Pepe (PEPE), and dogwifhat (WIF).
Additionally, it introduced a fresh trading API for its American users, providing features to monitor market information, control investments, and execute sophisticated trades.
Across Europe, Robinhood has increased the number of available cryptocurrencies for local clients by adding 14 new ones, now offering a total of 40 digital assets. Furthermore, Robinhood has introduced staking options for Solana (SOL) and Ether (ETH) to its European user base.
Regulatory Challenges
Additionally, Robinhood’s cryptocurrency wallet has undergone significant advancements. The digital currency platform recently made the wallet accessible on Android devices and added sophisticated swapping capabilities across various Ethereum-based platforms such as Arbitrum, Optimism, Polygon, and Base. Moreover, they have revamped their token discovery tab, enhancing user experience by making it simpler to locate and manage assets.
It’s important to note that Robinhood faced some obstacles in 2024. The U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to them in May, which is essentially a warning of potential legal action due to alleged violations of securities laws. However, the SEC has not yet filed the lawsuit. On the bright side, Robinhood’s cryptocurrency operations have shown positive results throughout the year.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, said:
2024 was a pivotal year in the world of cryptocurrencies, and indications point towards 2025 being an equally groundbreaking period, as we expect to see wider acceptance and growth throughout the sector.
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2024-12-15 11:06