Solana
Robinhood launches Solana Staking for Europe: earn while you hold!
Leading crypto and stock trading platform Robinhood has just taken a big step into the world of crypto investing by launching Solana staking services for its European users. This means people can now earn rewards on their Solana holdings, directly from the Robinhood app, with an initial annual percentage yield (APY) of around 5%.
While Robinhood’s offer is strong, it is slightly lower than Coinbase’s 5.42% APY for Solana shareholders. However, there is another player in the game: Phantom Wallet. This platform stands out by offering an even higher APY of 7.58% for Solana staking.
Anyway, what is Solana staking?
Staking involves users locking up their cryptocurrency to help manage blockchain networks and, in return, earn rewards. With Robinhood’s new feature, investors can now use their SOL holdings to earn rewards directly within the app, giving them more control over their investment strategies.
Customer Feedback Drives Innovation
Johann Kerbrat, vice president and general manager of Robinhood Crypto, explained that this initiative was inspired by feedback from European customers. Many customers have expressed a desire for localized language support and opportunities to earn passive income from their crypto holdings.
In response to these comments, Robinhood Crypto introduced a range of new features specially 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 on cryptocurrencies.
Why Solana rather than Ethereum?
Robinhood’s decision to launch Solana as its first staking product was driven by the high popularity of the SOL token among its EU users.
The platform highlighted that staking on Solana is simpler than on Ethereum, with a shorter staking period for newly staked assets to start generating returns. Solana’s bonding period usually ends within two days, while Ethereum’s bonding period can vary from a few days to a few weeks.
In response to inquiries about adding staking for other assets, Johann Kerbrat says Robinhood is also exploring additional offerings. However, the European platform also supports Solana meme coins such as BONK and WIF.
Robinhood’s European branch works independently
Despite the fact that Robinhood is facing U.S. SEC scrutiny With a recent Wells notice regarding its crypto listings, Johann Kerbrat clarified that European operations remain free and operate under a separate business model.
This statement highlights Robinhood’s commitment to regional compliance while serving its European customers.