Robinhood Markets Inc.'s (NASDAQ:HOOD) cryptocurrency division launched crypto transfers for its European customers on Tuesday. This new feature allows users to deposit and withdraw over 20 different cryptocurrencies.

What Happened: According to Robinhood, the supported cryptocurrencies include Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and USD Coin (CRYPTO: USDC). This feature aims to provide customers with greater flexibility and control over their digital assets.

Johann Kerbrat, VP and GM of Robinhood Crypto stated, "With the launch of crypto transfers in Europe, we're making self-custody and entering DeFi simpler and more accessible for our customers."

For a limited period, Robinhood Crypto is offering a 1% match on all crypto deposits for European customers. The match is paid out in the same cryptocurrency deposited, subject to a cap.

Robinhood Crypto also offers additional benefits such as zero-fee Bitcoin trading, staking rewards, and educational incentives. The company emphasizes the security of its platform, including crime insurance against theft and cybersecurity breaches.

Why It Matters: The launch of crypto transfers in Europe by Robinhood Crypto comes amid a series of strategic moves by Robinhood Markets to expand its footprint in the cryptocurrency sector.

Recently, Robinhood and Revolut Ltd. were reported to be exploring the possibility of launching their stablecoins, potentially challenging the dominance of Tether (CRYPTO: USDT) in the $170 billion stablecoin market.

Additionally, analyst forecasts have been optimistic about Robinhood's growth potential, with Piper Sandler's Patrick Moley raising the price target for Robinhood stock, citing its expanding crypto operations and favorable retail trading environment.

However, not all news has been positive. Cathie Wood's Ark Invest has been reducing its holdings in Robinhood, selling off shares amid fluctuating interest rates and regulatory challenges, including a $3.9 million settlement with California's Department of Justice over a previous ban on Bitcoin withdrawals.

Price Action: Robinhood Markets' stock closed at $23.42 on Monday, down 1.97% for the day. In pre-market trading, the stock edged up 0.81%. Year to date, Robinhood's stock has surged by 89.33%, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.