Robinhood Crypto has launched its crypto transfer services in Europe, allowing users to deposit and withdraw more than 20 different cryptocurrencies.
The announcement, made on October 1, 2024, marks a significant expansion for the platform, as it seeks to offer broader access to crypto transfers and self-custody services for European users. However, several popular tokens, including XRP and Toncoin, are excluded from the service.
Customers using Robinhood’s European platform will be able to transfer cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and USD Coin (USDC). The service also comes with a 1% yield on deposits, which will be paid out in the same crypto that users deposit, providing an added incentive for customers to engage with the platform.
Robinhood Expands Crypto Services in Europe
Robinhood’s latest move into the European market underscores its intention to make decentralized finance (DeFi) more accessible to its users. Johann Kerbrat, VP and GM of Robinhood Crypto explained the significance of the new service, stating:
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers.”
The new crypto transfer service is designed to offer users more control over their crypto assets. By enabling deposits and withdrawals for over 20 cryptocurrencies, Robinhood aims to ensure a “safe, low-cost, and reliable experience” for its European customers. The platform’s ability to offer a 1% return on deposits is also seen as a way to encourage more user engagement and asset transfers.
XRP, Toncoin Among Excluded Tokens
Despite the broad range of supported tokens, Robinhood’s European crypto transfer service excludes 13 cryptocurrencies. Notable exclusions include XRP, zkSync (ZK), Wormhole (W), Arbitrum (ARB), Cosmos (ATOM), Polkadot (DOT), EOS, Fantom (FTM), Jupiter (JUP), Near Protocol (NEAR), Optimism (OP), Celestia (TIA), and Toncoin (TON).
These exclusions have drawn attention from the crypto community, particularly given XRP’s recent listing on Robinhood’s European platform.
The decision to exclude XRP from the transfer service comes as a surprise, especially after its inclusion for European users in September. The token had gained attention following Ripple Labs’ legal battles with the U.S. SEC, which are now nearing resolution. While XRP is available for trading, the exclusion from transfers has raised questions among its supporters.
Despite these exclusions, Robinhood has been expanding its offerings. The platform recently added Uniswap (UNI), Stellar (XLM), and Tezos (XTZ) for New York-based users, prompting speculation that XRP could soon be listed in the United States as well. While there has been no official confirmation, market participants are closely watching these developments.
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