Robinhood Crypto Adds Sonic (S) Trading Support in the European Market

FinTech firm Robinhood (NASDAQ:HOOD) has recently announced the addition of Sonic (S) trading support in the European market, as part of the company’s expansion plan.

Sonic, formerly known as Fantom (FTM), is the native token of the Sonic network, which operates as a Solana-based Layer 1 EVM blockchain.

With this announcement, Sonic has secured the #55 rank on CoinMarketCap, trading at $0.8013, showcasing a 1.01% increase in the past 24 hours. The token’s market capitalization is noted to be around $2.3 billion.

Sonic’s trading volume has also seen a significant surge of 153.72% over the last day, reaching a total of $221.86 million in trading volume.

This move by Robinhood to add Sonic to its European crypto offering is part of the company’s strategy to expand its footprint in the region.

The expansion is bolstered by Robinhood’s recent acquisition of Bitstamp for $200 million, which provides Robinhood access to Bitstamp’s established licensing network in both the EU and UK, setting the platform up for stronger growth and market influence.

Johan Cabat, Vice President and General Manager of Crypto at Robinhood, highlighted the company’s financial focus on equities and cryptocurrency.

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.

As Robinhood continues its expansion into the European market, the company is also navigating the regulatory landscape.

The company has been monitoring regulatory developments in various regions, including the upcoming MiCA framework in France, which will provide clearer guidelines for crypto assets.

In the U.S., the crypto regulatory environment is still complex, but Robinhood has gained operational approval in all 50 states,

This strengthens their position in both the U.S. and international markets.