Robinhood eyes European expansion amid Q3 revenue drop

Trading platform Robinhood has exposed its intentions to broaden into Europe in the coming weeks. The company is exploring developing brokerage operations in the United Kingdom. It made this decision understood on Tuesday, Nov 7. The commission-free trading app made this announcement as it exposed its third-quarter outcomes, suggesting a profits miss. Robinhood associated the decrease in its transaction-based revenue to decreased cryptocurrency trading volumes on the platform.The firm reported a net earnings of $467 million, slightly listed below the typical expert price quote of $478.9 million. This marked 29% growth compared to the exact same period last year. Transaction-based profits decreased by 11% year-on-year to $185 million, mostly due to a 55% decline in cryptocurrency notional volumes for many years, as stated in Robinhoods Tuesday announcement.Screenshot of Robinhoods 3rd quarter results. Source: RobinhoodDespite the reduction in cryptocurrency trading activity, Robinhood has ambitious plans for its crypto services. The company recently revealed its intentions to expand its services to Nevada and added support for the meme cryptocurrency Shiba Inu (SHIB) last month.Cointelegraph reached out to learn more concerning the expansion to the European Union however has yet to hear back from Robinhood.The relocation comes as some crypto companies have actually suspended serving U.K. customers thanks to brand-new promo guidelines that require crypto companies to offer clear danger labels and implement system changes that came into effect on Oct. 8. Related: Robinhood redeemed Sam Bankman-Frieds stake from United States gov t for $606MBack in June, Robinhood stopped assistance for cryptocurrencies listed in United States Securities and Exchange Commission lawsuits versus Binance and Coinbase, including Cardano (ADA), Polygon (MATIC) and Solana (SOL). Presently, Robinhood assists in trading for 15 numerous cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and Avalanche (AVAX). This happened when the U.S. SEC targeted alternative cryptocurrencies, labeling them as security tokens. As a controlled exchange, Robinhood looks for to avoid clashes with the federal securities regulatory authority.Magazine: Crypto scoring big with European football