Solana
Solana Staking arrives in Europe via Robinhood’s crypto offering
Last updated: May 15, 2024 at 7:19 a.m. EDT | 1 minute reading
Robinhood Crypto customers in Europe can now stake their holdings in Solana and earn rewards, thanks to a new program launched on Wednesday. The platform also introduced a rewards program to attract new customers.
“Robinhood Crypto customers can now stake their Solana (SOL) holdings directly through the app, allowing them to earn rewards with the ability to opt out at any time,” the platform said in a statement.
Solana staking allows individuals to earn rewards by holding Solana cryptocurrency in their digital wallet. By staking Solana, individuals help secure and maintain the Solana blockchain network. In exchange, they are rewarded with additional Solana tokens.
Robinhood appeals to European users with local and staking apps
Additionally, the platform has rolled out a suite of new features for European users, including staking, localized applications, crypto rewards for registration, and revamped educational modules.
To sweeten the deal, Robinhood Crypto is offering a 10% USDC bonus on new users’ first month of crypto purchases. New rewards are capped at 500 euros. This benefit aims to attract new customers and guide them on their crypto investment journey.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, said the platform’s European customers wanted a localized app with staking capabilities.
Robinhood Crypto also revealed that the most traded coins in Europe are Bitcoin, Dogwifhat, Solana and Ethereum. Interestingly, Bitcoin remains the most popular stock despite high trading volume in other options.
SEC scrutiny looms over Robinhood’s booming crypto business
Last week, Robinhood said its crypto trading was booming in the first quarter, with a 224% increase that pushed its transaction-based revenue 59% year-over-year to $329 million. Crypto revenue itself jumped 232% to $126 million. The company also beat analysts’ expectations, reporting revenue of $618 million, beating estimates of $552.7 million.
However, Robinhood recently received a Wells notice from the SEC, raising concerns about its crypto business. CFO Jason Warnick downplayed the impact, assuring users that customer accounts and crypto operations would continue as usual.