- Robinhood provides Sonic Buying and selling in Europe, strengthening its regional growth technique.
- Sonic's market cap reaches $2.3 billion with a 153.72% improve in buying and selling quantity.
- Robinhood's $200 million acquisition of Bitstamp strengthens its presence within the EU and UK markets.
Robinhood Crypto introduced the addition of Sonic(S) buying and selling assist to the European market. This choice is a part of the corporate's growth technique. Sonic, previously often called Fantom (FTM), is the native token of the Sonic Community, which capabilities as a layer 1 EVM blockchain primarily based on Solana.
Following this announcement, Sonic secured the fifty fifth place on CoinMarketCap, with its worth at $0.8013. This displays a rise of 1.01% within the final 24 hours. The market capitalization of the token stands at $2.3 billion. Over the previous day, Sonic's buying and selling quantity elevated by 153.72%, totaling $221.86 million.
Associated: Robinhood's important product is 'Robinhood Crypto within the US' – GM
Robinhood's European push: strategic growth
Robinhood's choice so as to add Sonic to its European crypto providing is a part of its plan to develop its attain within the area. The transfer is bolstered by the corporate's current $200 million acquisition of Bitstamp, which provides Robinhood entry to Bitstamp's established licensing community within the EU and UK, positioning the platform for stronger development and higher market affect.
Johan Cabat, Vice President and Normal Supervisor of Crypto at Robinhood, highlighted the corporate's monetary concentrate on shares and cryptocurrencies.
Associated: Robinhood Expands European Presence with Acquisition of Crypto Alternate Bitstamp
This twin focus will enable Robinhood to talk to an viewers and supply a seamless buying and selling expertise to buyers in conventional and digital property. The European crypto market is evolving quickly and Robinhood's choice to incorporate Sonic buying and selling is a well timed response to those modifications.
Regulatory panorama and world growth
As Robinhood strikes ahead with its growth into the European market, it continues to concentrate on regulatory compliance. The corporate has been carefully monitoring regulatory developments in numerous areas, together with the upcoming MiCA framework in France, which can present clearer tips for crypto property.
In the meantime, the US crypto regulatory surroundings stays advanced, however Robinhood has obtained operational approval in all 50 states, strengthening its place within the US and worldwide markets.
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