TL;DR
Robinhood has added support for Stellar (XLM) transfers, allowing users to deposit and withdraw this cryptocurrency without previous restrictions.
Users who transfer Stellar to the platform will receive a 1% bonus on deposits for a limited time.
It has also enabled transfers for Solana (SOL) and continues to expand its cryptocurrency offerings in New York.
Robinhood, the trading platform known for its focus on accessibility to investments, has announced the addition of support for Stellar (XLM) transfers, enabling users to deposit and withdraw this cryptocurrency.
This new functionality will expand the app’s capabilities, giving users greater control over their assets. According to a recent announcement by Robinhood Crypto EU, users can now transfer Stellar to and from the platform without previous restrictions.
Robinhood Crypto now supports $XLM transfers.
Withdraw and Deposit #XLM with a 1% deposit bonus for a limited time.
Terms apply. Download the app: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/sONd3LIhuY
— Robinhood Crypto EU (@RobinhoodCrypto) 23 October 2024
To incentivize the use of this new option, a special promotion has been launched, offering a 1% bonus on XLM deposits made on the platform for a limited time. This strategy aims to attract Stellar users, a cryptocurrency focused on facilitating fast and low-cost transactions.
The launch of Stellar transfers is part of a series of updates from Robinhood, which had already begun to expand its cryptocurrency offerings in Europe at the end of last year.
Robinhood Seeks More Experienced Users
Until then, while users could buy and sell cryptocurrencies, they did not have the option to transfer them outside the platform or store them in external wallets, limiting control over their assets. This new transfer functionality allows users to move their cryptocurrencies to self-custody wallets, aligning with the market’s trend toward greater financial independence.
In addition to support for Stellar, the platform has also enabled transfers for Solana (SOL), another popular cryptocurrency known for its speed in transactions. As with Stellar, users who transfer Solana to the platform will receive a 1% bonus on their deposits until 30 November.
Moreover, Robinhood has expanded its list of available cryptocurrencies for residents of New York State, including Stellar, Uniswap (UNI), and Tezos (XTZ), raising the number of assets available to users in that state to 14. On the other hand, the company continues to explore the possibility of including futures trading options and index options to attract more sophisticated users.
