Robinhood Launches Its First Crypto Staking Product

Robinhood has introduced its first-ever crypto staking product, which will be available to European customers. The company has also launched several other new features for European users. “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 first stated.

‘We’re Introducing Our First-Ever Crypto-Staking Product’

Robinhood has unveiled a suite of new features for its European customers, including staking, localized apps, crypto rewards for new users, and updated Learn & Earn modules. With Robinhood Crypto, users can trade over 30 cryptocurrencies, track real-time prices, and access charts to refine their trading strategies.

The firm explained:

Starting today, we’re introducing our first-ever crypto-staking product, which will be available exclusively to our customers in Europe.

“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 announcement details.

Moreover, starting Wednesday, new customers can receive a 10% bonus on their net purchases within the first 30 days on the platform. The bonus will be paid in USDC. This initiative aims to attract new users and enhance their crypto investment experience. The platform will also launch local language versions of the Robinhood Crypto app, beginning with users in Italy, Poland, and Lithuania. Once available, customers in these countries will have a fully translated experience, increasing their confidence and comfort as they research investments and place trades.

Johann Kerbrat, VP and GM of Robinhood Crypto, commented: “Since launching at the end of last year, our customers in Europe have made it clear they want an app that supports local languages and offers products to earn passive income.”

Crypto staking is currently under scrutiny in the United States. The U.S. Securities and Exchange Commission (SEC) has taken action against several crypto exchanges offering staking services, arguing that these services constitute unregistered securities offerings. For instance, the SEC charged crypto exchange Kraken in February 2023, leading to a $30 million settlement and the cessation of Kraken’s U.S. staking services. The securities regulator has also sent Robinhood Markets a Wells notice regarding its crypto operations, which the company intends to fight in court if necessary.

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