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Robinhood launches Solana staking in Europe allowing users to earn 5% APY
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Robinhood picked Solana over Ethereum due to its popularity in EU and simpler staking process.
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Robinhood adds features for EU users, local apps, crypto rewards, and learning modules.
Robinhood’s European crypto branch has launched Solana staking, initially offering an annual percentage yield (APY) of around 5%. However, this places Robinhood slightly below Coinbase, which provides an estimated reward of 5.42% for Solana stakers.
Meanwhile, Phantom Wallet stands out as one of the platforms offering the highest APYs for staking Solana, providing up to 7.58% APY to its users.
Robinhood Launch Staking for EU Customers
Robinhood, a prominent platform for crypto and stock trading, has sparked excitement in the crypto community by launching Solana staking services for its European Customers. This move offers an annual percentage yield (APY) of around 5% at launch.
BREAKING:
— WhaleFUD (@WhaleFUD) May 15, 2024
Robinhood Crypto launches Solana staking with 5% APY for EU users
However, crypto staking requires users to lock up their cryptocurrency to support blockchain network operations and earn staking rewards in return.
With Robinhood’s new feature, crypto users can now use their SOL holdings to earn rewards directly within the app, giving them more control over their investment strategies.
Robinhood Additional Features
Johann Kerbrat, VP and GM of Robinhood Crypto explained that this initiative was inspired by feedback from European customers. Many customers expressed a desire for localized language support and opportunities to earn passive income through their crypto holdings.
In response to this feedback, Robinhood Crypto has introduced a range of new features specifically designed for its European customers. These include localized apps, crypto rewards for new users, and updated Learn & Earn modules aimed at providing valuable educational content about cryptocurrencies.
Why RobinHood Opt Solana Over Ethereum
Robinhood’s decision to launch Solana as its first staking product was driven by the strong popularity of the SOL token among its EU users.
The platform highlighted that staking on Solana is simpler compared to Ethereum, with a shorter bonding period for newly-staked assets to start earning yield. Solana’s bonding period typically completes within two days, whereas Ethereum’s bonding period can vary from days to a few weeks.
In response to inquiries about adding staking for other assets, Johann Kerbrat states that Robinhood is exploring additional offerings too. However, the EU platform also supports Solana meme coins such as BONK and WIF.
Robinhood’s EU Branch Work Independently
Despite Robinhood facing scrutiny from the US SEC with a recent Wells Notice regarding its crypto listings, Johann Kerbrat has clarified that the European operations remain free and operate under a separate business model.
This statement underscores Robinhood’s commitment to regional compliance while serving its European customers.