Robinhood Boosts Crypto Transfers, Adds Stellar

Robinhood improves crypto transfer with the addition of Stellar (XLM) on the platform, and to celebrate, they’re offering a 1% bonus on XLM deposits.

Robinhood Crypto EU announced on its X page that it has integrated Stellar (XLM) into its crypto transfer capabilities. This new feature enables users to withdraw and deposit XLM on the platform, expanding the range of digital transactions.

The exchange has announced a special promotion in which users who deposit XLM will receive a 1% bonus on their deposit. The crypto transfers feature can support more cryptocurrencies than XLM; it supports more than 20 cryptocurrencies, including well-known names such as Bitcoin, Ethereum, and Solana, providing users with increased security and control over their funds.

The inclusion of XLM has sparked speculation regarding the potential inclusion of XRP as the next cryptocurrency in Robinhood’s transfer features. Even though XRP can be traded on the platform, it is exclusively accessible to individuals residing in the European Union. These inquiries are intensifying due to speculation regarding the potential launch of an XRP ETF, which has captivated the attention of investors and traders.

The price of XLM has not experienced significant fluctuations in the wake of the news, as it has declined by more than 1% in the past 24 hours. Nevertheless, the trading volume increased by over 20%, indicating that the token continues to be highly traded. At present, the price of XLM is $0.09408.

Johann Kerbrat, VP and GM of Robinhood Crypto, disclosed the significance of crypto transfers in Europe. He stated that the exchange simplifies the process of self-custody and facilitates entry into the DeFi space for its customers. He reassured users that Robinhood will continue to uphold its fundamental principles of offering a secure, affordable, and dependable service despite the addition of deposits and withdrawals.

Robinhood’s Most Recent Actions: Margin Investing in the United Kingdom and Solana Transfers

On October 21, Robinhood introduced margin investing in the United Kingdom and expanded crypto transfers. This new feature enables users to borrow from Robinhood to make more substantial investments, enhancing their potential returns. Jordan Sinclair, the President of Robinhood UK, described how the exchange promotes its competitive borrowing rates and provides UK customers with more flexible options to improve their investment strategies.

Amid increasing anticipation regarding the potential launch of a Solana ETF, Robinhood has also recently expanded its crypto transfer offerings to include Solana. Nevertheless, the most recent transfer feature update failed to include several tokens, such as Ripple’s XRP, zkSync, and Wormhole, which has left users eagerly anticipating future developments.

Consequently, crypto traders will closely monitor the potential for XRP to join the ranks of supported assets, which could attract even more users to the platform and increase trading activity in the crypto space, even though the effect on XLM has yet to be observed. This is due to the recent addition of XLM to Robinhood’s crypto transfer service. The price of XRP could experience a surge in the short and long term due to the addition.