Robinhood Takes Bitcoin, Shiba Inu to EU and UK

American financial services firm Robinhood plans to expand its crypto offerings to the European Union (EU) and the United Kingdom.

This move, according to Santiment, has shone the beam on Robinhood, elevating its popularity on social platforms across the board. To Santiment, this social buzz is a good omen that might lead to another bullish rally.

? #Robinhood has announced its plan to expand #crypto trading to the EU and roll out a UK brokerage. The company is a top trending subject on crypto platforms, and is likely another #bullish event due to increasing exposure to new traders & investors. https://t.co/zoOykFlanE pic.twitter.com/fBnHqYYHFr

— Santiment (@santimentfeed) November 9, 2023

Robinhood Sees Rising Social Mentions

Primarily a stock brokerage app, Robinhood pivoted into the crypto space in 2018 with limited support for Bitcoin (BTC) and Ethereum (ETH) in a few US states. The mainstream rollout came in 2021 as the platform joined the bandwagon when the crypto revolution gained new momentum after the COVID-19 breakout.

Despite its support, Robinhood had to compete with other fintech apps like Revolut that support crypto in critical regions like the EU and UK.

Robinhood confirmed its expansion plans in its third-quarter earnings report released on Tuesday. The firm said it will rely on its team to launch the brokerage outfit in the UK, and it plans to hire new staff to bolster the move. This commitment comes despite the 55% plunge in the company’s crypto revenue to $23 million as it focuses on longer-term prospects.

The move to expand to the EU and the UK might boost the broader market hype, with Santiment predicting it might catalyze another bullish ride. The basis for this projection stems from the exposure to new investors and users the expansion will bring.

Santiment showed how Robinhood is already gaining traction regarding its social mentions. The crypto analytics platform shared a chart that shows Robinhood hitting its highest social dominance level since early October this week. 

This social dominance comes with a social volume score of 48, or 0.08% of the total. While not the most trending subject, HOOD now showcases impressive traction compared to its previous levels.

Robinhood and Crypto: a Tale of Playing it Safe 

Though futuristic about its approach to crypto, Robinhood also maintains some of the strictest listing regimes among its peers. 

Despite boasting of a diversified portfolio ranging from Bitcoin (BTC), to Shiba Inu (SHIB), most of which might go live in the EU and UK brokerage, Robinhood is also swift in its response to regulatory uncertainties surrounding its supported assets.

The firm displayed this when it delisted Cardano (ADA), Polygon (MATIC), and Solana (SOL) in early June. This decision to delist these altcoins dates back to February, when the firm received a subpoena from the SEC. However, the lawsuit filed against Binance triggered the final delisting move.

While Robinhood works to float a product that the majority can use, it boasts of key upgrades since it integrated crypto, including the launch of a wallet that supports all assets, including Shiba Inu and Dogecoin.

Besides being one of the largest holders of SHIB, it is worth noting that Shiba Inu has benefited a lot from its affiliation with Robinhood, and the projected expansion may bolster this trend.