Robinhood Crypto has announced the launch of Solana staking services, offering a competitive annual percentage yield (APY) of 5%. This strategic decision caters to the growing demand for the SOL token among the platform’s EU user base.
The 5% APY is a slight step down from Coinbase’s 5.42% reward for Solana staking, yet it represents a robust entry point for Robinhood’s European clientele.
Johann Kerbrat, the general manager of Robinhood Crypto, highlighted the simplicity of the staking process with Solana compared to Ethereum, noting the shorter bonding period required for newly-staked assets to start earning yield.
“Since launching at the end of last year, our customers in Europe have told us loud and clear that they want an app that provides local language support and products that help them earn additional passive income,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
“Robinhood Crypto is already one of the lowest-cost places to trade on average with an easy-to-use interface that prioritizes education. Today’s news is a significant step forward in our mission to offer customers a more tailored in-app experience that meets their specific needs and helps them on their financial journey.”
🚨 Announcing a few new updates to Robinhood Crypto 🚨
First, Solana ($SOL) #staking is now live for eligible European customers 🎉 This allows customers to earn staking rewards on their $SOL holdings with the flexibility to unstake at any time.https://t.co/yioQfCHT2n
/1 pic.twitter.com/J6cH0PMDC6— Robinhood Crypto EU (@RobinhoodCrypto) May 15, 2024
The platform, which debuted in December as a novel crypto trading app in the European Union, is regulated in Lithuania and has seen significant adoption in countries like Poland, Italy, and Lithuania.
Robinhood’s decision to offer Solana staking is part of its broader expansion efforts in the EU market. The platform currently lists 33 tokens, which is a significant increase compared to the 15 crypto assets available on its US counterpart. Furthermore, there are even fewer options available in states like New York and Texas.
Despite recent regulatory challenges in the US, including a Wells Notice from the SEC concerning crypto listings, Robinhood’s EU operations remain distinct and unaffected.
The European branch operates independently, with a separate business model and structure, ensuring that its services continue uninterrupted.
The latest promotions for the Solana staking launched by Robinhood Crypto include localized apps and reward programs.
Along with that, the firm has also announced its intentions to launch localized apps in Italian, Polish, and Lithuanian for its user base in Europe.
From May 15, 2024, Robinhood will offer a 10% rebate on net purchases during the first 30 days, paid out in USDC. However, the rewards are limited to 500 euros, and each customer must hold the value of the reward for 180 days.
See also: Robinhood Crypto Wallet Review on Android and IOS
Robinhood Crypto has rolled out a suite of Learn & Earn modules focused on AVAX, BTC, and USDC. The educational modules are made to assist customers in understanding the uses of different cryptocurrencies while earning along the way.
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