coinedition.com
Prominent American trading platform Robinhood Crypto has launched Solana (SOL) staking for its European customers. Robinhood announced this development in a press statement dated Wednesday, May 15.
Emphatically, European users of Robinhood Crypto can now stake their Solana holdings directly through the app starting today. This development marks Robinhood’s first foray into crypto-staking products exclusively available to its European customers.
The decision to select Solana for Robinhood’s inaugural staking product was influenced by the token’s popularity among its EU customer base. Besides, Johann Kerbrat, the general manager of Robinhood Crypto, highlighted the simplicity of staking on the Solana network compared to Ethereum.
Kerbrat cited Solana’s shorter bonding period of approximately two days, unlike Ethereum’s variable period, which can extend from several days to weeks.
Meanwhile, Kerbrat noted the new feature will offer an approximate annual percentage yield (APY) of 5% at launch. While the initial APY is subject to change based on the fluctuating nature of staking rewards, Robinhood’s offering is shy of Coinbase’s estimated 5.42% reward for Solana stakers.
Notably, Robinhood Crypto debuted in the European Union in December as a dedicated crypto trading application. Registered and regulated in Lithuania, the app has seen significant downloads, particularly in Poland, Italy, and Lithuania.
The EU version of the app lists 33 tokens, surpassing the 15 crypto assets available on Robinhood’s U.S. trading platform. Notably, SOL and Solana-based memecoins like BONK and Dogwifhat (WIF) are accessible in the EU but not in the U.S.
Robinhood’s expansion of crypto services in Europe comes as its U.S. counterpart faces regulatory scrutiny. Recently, Robinhood received a Wells Notice from the SEC concerning its crypto listings.
Kerbrat emphasized that Robinhood and its EU crypto branch operate as separate business entities. As such, the European operations remain unaffected by the ongoing developments in the US.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.