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Mobile trading app Robinhood is expanding its services in Europe by launching Solana (SOL) staking and a bonus program for new users.
European Robinhood Crypto users can now stake their Solana (SOL) holdings directly through the app and earn rewards. SOL staking allows users to participate in the validation process of the Solana blockchain and earn rewards for helping to secure the network.
Staking Rewards and Solana’s Inflation Reduction Plan
Solana staking rewards are currently around 5%, and the Solana Foundation has a plan to gradually reduce the network’s inflation rate to 1.5% in the long term.
New Robinhood Crypto users in Europe will earn a 10% bonus on their first 30 days of net buys. The bonus will be paid out in USDC stablecoin.
Robinhood’s Expansion in Europe
Robinhood Crypto’s expansion into Solana staking and bonus programs is part of the company’s broader effort to increase its presence in Europe. The company launched its crypto trading platform in Europe in late 2022 and has been adding new features and products ever since.
“Our European customers have been clear that they want products that can provide them with additional passive income,” said Johann Kerbrat, Vice President of Robinhood Crypto.
Overall, Robinhood Crypto’s expansion into Solana staking and bonus programs is a positive development for European crypto investors. It will give them more options for earning rewards on their SOL holdings and will help to make Robinhood Crypto a more competitive platform in the European market.