Solana Staking Comes to Europe Through Robinhood's New Crypto Offering

2024-05-15 03:19:30

Shalini Nagarajan

Last updated:

May 15, 2024 07:19 EDT | 1 min read

Robinhood Crypto’s customers in Europe can now stake their Solana holdings and earn rewards, thanks to a new program launched Wednesday. The platform also introduced a rewards program to attract new customers.

“Robinhood Crypto customers can now stake their Solana (SOL) holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the platform said in a statement.

Solana staking enables individuals to earn rewards by retaining Solana cryptocurrency in their digital wallet. By staking Solana, individuals contribute to securing and upholding the Solana blockchain network. In exchange, they are rewarded with extra Solana tokens.

Robinhood Woos European Users with Staking, Local Apps

Additionally, the platform rolled out a suite of new features for European users, including staking, localized apps, crypto rewards for signing up, and revamped educational modules.

To sweeten the deal, Robinhood Crypto is offering a 10% bonus in USDC on new users’ first month of crypto purchases. New rewards are capped at 500 euros. This perk aims to attract new customers and guide them on their crypto investment journey.

Johann Kerbrat, vice president and general manager at Robinhood Crypto, said that the platform’s European customers wanted a localized app with staking features.

Robinhood Crypto also revealed that the top traded coins in Europe are Bitcoin, Dogwifhat, Solana, and Ethereum. Interestingly, Bitcoin remains the most popular holding despite high trading volume in other options.

SEC Scrutiny Looms Over Robinhood’s Booming Crypto Business

Last week, Robinhood said its crypto trading boomed in the first quarter, with a 224% surge that drove its transaction-based revenue up 59% year-over-year to $329m. Crypto revenue itself surged 232% to $126m. The company also surpassed analyst expectations, reporting $618m in revenue, which beat estimates of $552.7m.

However, Robinhood recently received a Wells Notice from the SEC, raising concerns about its crypto business. CFO Jason Warnick downplayed the impact, assuring users that customer accounts and crypto operations would continue as usual.

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