EddieJayonCrypto

 23 Oct 24

tl;dr

Robinhood Crypto EU has added Stellar (XLM) to its supported cryptocurrencies for transfers. Users can withdraw and deposit XLM with a 1% deposit bonus for a limited time. This expands the service's support to over 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDC. Despite the annou...

Robinhood Crypto EU has added Stellar (XLM) to its supported cryptocurrencies for transfers. Users can withdraw and deposit XLM with a 1% deposit bonus for a limited time. This expands the service's support to over 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDC. Despite the announcement, XLM price has dropped 1% in the last 24 hours, with traders considering broader market sentiment.

There is speculation about the potential addition of XRP next, following Robinhood's recent listing of XRP for trading, albeit for EU users only. However, the market response to the XLM announcement has been muted, with the price currently trading at $0.09429. Although the trading volume has increased by 17% in the last 24 hours, the derivatives market has seen positive buying, with total XLM futures OI jumping over 3% to 320.31 million valued at $30.18 million.

Commission-free investing app Robinhood Europe’s crypto arm in an official announcement on October 23 revealed that it has added XLM to cryptocurrencies supported in crypto transfers. Moreover, users can withdraw and deposit their XLM on the platform for a 1% deposit bonus. It will be available for a limited time. Crypto transfers allow European customers to deposit and withdraw over 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDC. It offers users control, security, and crime insurance, along with educational program benefits.

This week, the crypto platform also added Solana to crypto transfers as the Solana ETF launch odds buzz in the crypto community. Similarly, a potential launch of XRP ETF has also witnessed rising speculation. Robinhood listed XRP on the platform for trading, but for EU users only.

“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP and GM of Robinhood Crypto.

Traders didn’t respond to the announcement by Robinhood. XLM price continues to trade 1% lower in the last 24 hours. XLM price currently trades at $0.09429. The 24-hour low and high are $0.09434 and $0.09663, respectively. However, the trading volume has increased by 17% in the last 24 hours, indicating interest among traders. On the contrary, the derivatives market has seen positive buying in the last 24 hours. Total XLM futures OI jumped over 3% to 320.31 million valued at $30.18 million, as per Coinglass data.

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