Amid the cryptocurrency bull market, Robinhood announced the launch of a commission-free cryptocurrency trading app for users in the European Union.

The app will allow EU investors to buy and sell more than 25 cryptocurrencies, including Bitcoin, Ethereum and Solana, said Robinhood Crypto CEO Johann Kerbrat.

The company also introduced a loyalty program, under which users will receive a percentage of monthly trading turnover as a reward.

The move comes as renewed interest in the cryptocurrency market stems from expectations that spot cryptocurrency ETFs will be approved by US regulators. The platform reported a significant 75% increase in cryptocurrency trading volumes in November, signaling renewed interest among retail investors.

The coming months may be positive for the company – in addition to the European Union, management plans to enter the platform into the UK market. The growth in trading volume of Bitcoin and other cryptocurrencies on Robinhood is facilitated by the general recovery of the digital asset market – rates have been rising since the beginning of November.

Robinhood recently became the fifth largest holder of ETH. The company currently has $2.5 billion in ether in its wallet. The company made cryptocurrency investments available on its platform in 2021. However, the latest earnings report shows that cryptocurrency trading revenue fell $7 million to $31 million for the second quarter.