- Robinhood adds Sonic trading in Europe, boosting its regional expansion strategy.
- Sonic’s market cap reaches $2.3B with a 153.72% surge in trading volume.
- Robinhood’s $200M Bitstamp acquisition strengthens EU and UK market presence.
Robinhood Crypto has announced the addition of Sonic (S) trading support in the European market. This move is part of the company’s expansion strategy. Sonic, formerly known as Fantom (FTM), is the native token of the Sonic network, which operates as a Solana-based Layer 1 EVM blockchain.
Following this announcement, Sonic has secured the #55 rank on CoinMarketCap, with its price at $0.8013. This reflects a 1.01% increase in the past 24 hours. The token’s market capitalization stands at $2.3 billion. Over the last day, Sonic’s trading volume has risen by 153.72%, totaling $221.86 million.
Related: Robinhood’s Main Product is the “Robinhood Crypto in the US” – GM
Robinhood’s European Push: Strategic Expansion
Robinhood’s move to add Sonic to its European crypto offering is part of its plan to expand its reach in the region. This move is strengthened by the company’s recent $200 million acquisition of Bitstamp, which grants Robinhood access to Bitstamp’s established licensing network in both the EU and UK, positioning the platform for stronger growth and greater market influence.
Johan Cabat, Vice President and General Manager of Crypto at Robinhood, highlighted the company’s financial focus on equities and cryptocurrency.
Related: Robinhood Expands European Footprint with Acquisition of Crypto Exchange Bitstamp
This dual focus will allow Robinhood to cater to an audience and provide a seamless trading experience for both traditional and digital asset investors. The European crypto market is rapidly evolving, and Robinhood’s move to include Sonic trading is a timely response to these shifts.
Regulatory Landscape and Global Expansion
As Robinhood advances with its expansion into the European market, it continues to focus on regulatory compliance. The company has closely monitored regulatory developments in various regions, including the upcoming MiCA framework in France, which will provide clearer guidelines for crypto assets.
Meanwhile, the U.S. crypto regulatory environment remains complex, but Robinhood has gained operational approval in all 50 states, strengthening its position in both the U.S. and international markets.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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