US-based financial technology and wealth management company Robinhood has established its first European cryptocurrency trading hub in Lithuania, the country’s investment promotion agency announced Monday.
Through the newly formed Robinhood Europe entity, the company will offer crypto asset custody, administration, transfer, receipt, and transmission services across the European Economic Area, according to Invest Lithuania.
“This specialised crypto trading platform launched through Robinhood Europe marks a significant step in the company’s global expansion strategy,” the agency said in a statement.
Elijus Čivilis, head of Invest Lithuania, said the global brand’s decision to operate in Europe via Lithuania highlights the strength of the country’s information technology and fintech sectors.
“The issuance of the first MiCA [Markets in Crypto-Assets Regulation] license in Lithuania shows our regulatory system’s readiness to support innovative products in Europe that don’t exist elsewhere,” said Economy Minister Lukas Savickas.
Lithuania’s central bank issued Robinhood its first-ever crypto asset service license at the end of May, authorising the company to provide custody, administration, transaction, and other services.
In April, the central bank also granted Robinhood an A-category investment firm license. This license allows the company to provide services such as proprietary trading, order execution on behalf of clients, and order reception and transmission.
Founded in 2013, Robinhood operates a digital trading platform that enables users to buy and sell stocks, options, exchange-traded funds, and cryptocurrencies. The company has approximately 25 million customers worldwide.
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