Online brokerage platform Robinhood expands its crypto services in Europe by introducing crypto transfer, allowing its customers to send and receive assets such as Shiba Inu (SHIB).
Robinhood announced the development today in a press release, emphasizing that it has enabled crypto transfers for users in Europe.
The service, introduced in response to huge customer demand, allows users to transfer Shiba Inu and more than 20 crypto assets to and from exchanges and other external wallets.
Other supported tokens include Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Dogecoin (DOGE), dogwifhat (WIF), and Pepe (PEPE).
Reacting, Robinhood Crypto General Manager Johann Kerbrat said the introduction of crypto transfers simplifies self-custody and provides a straightforward approach to accessing the decentralized finance (DeFi) space.
Additionally, Kerbrat believes the service gives users more control over their assets while delivering the reliable and low-cost experience they expect.
Robinhood Adds Crypto Transfer in Europe After Huge Demand
The development comes a year after Robinhood expanded its crypto service to Europe due to rising regulatory challenges in the U.S. At the time, Robinhood only allowed its European users to buy and sell supported assets on its trading platform.
However, for over a year, Robinhood’s European customers could not move their crypto assets to and from external wallets and exchanges. For instance, customers residing in supported European countries could not send their assets from Robinhood to external wallets like Metamask.
This prompted users to demand that Robinhood add the transfer feature to its crypto services. Responding to users’ demands, Robinhood introduced the transfer feature today.
Requirements to Enable Crypto Transfer
Despite Robinhood introducing crypto transfer, the feature will not be automatically available to all European customers. Users who wish to transfer assets, like SHIB, to and from Robinhood must first verify their identity.
Additionally, users must enable two-factor authentication (2FA) on their accounts. Afterward, Robinhood could take four—five days to review users’ information. If they comply with the necessary requirements, Robinhood will enable the crypto transfer feature.
Sending and Receiving Shiba Inu on Robinhood
To send Shiba Inu on Robinhood, users must locate the ‘crypto’s detail page,’ click send, select SHIB, input the amount they wish to send, paste the recipient blockchain address, review, and submit the transaction.
Receiving Shiba Inu and other tokens on Robinhood uses almost the same procedures. Click the ‘Receive’ button on the crypto detail page, copy Shiba Inu’s address, and paste it into the wallet or exchange app.
Since Robinhood supports Shiba Inu as an ERC-20 token, it could take approximately 6 minutes or 30 confirmations for the funds to be credited into users’ accounts.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
