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Robinhood Launches Solana Staking for European Users

European users of Robinhood Crypto can now stake their Solana holdings to earn rewards, thanks to a new program
May 15, 2024

Robinhood Crypto has introduced a new program allowing its European customers to stake their Solana holdings and earn rewards. The platform announced this initiative on Wednesday, aiming to enhance its offerings and attract new users.

With this new program, Robinhood Crypto customers in Europe can stake their Solana (SOL) holdings directly through the app, giving them the flexibility to earn rewards and unstake at any time.

Staking Solana involves holding the cryptocurrency in a digital wallet to contribute to securing and upholding the Solana blockchain network. In return, participants receive extra Solana tokens as rewards.

Robinhood Crypto is also rolling out a range of new features for its European users, including staking, localized apps, crypto rewards for signing up, and updated educational modules.

To incentivize new users, Robinhood Crypto is offering a 10% bonus in USDC on the first month of crypto purchases, capped at 500 euros. This bonus is designed to attract new customers and support them in their crypto investment journey.

Johann Kerbrat, vice president and general manager at Robinhood Crypto, emphasized that European customers expressed a strong desire for a localized app with staking features.

In addition, Robinhood Crypto disclosed that the top traded coins in Europe are Bitcoin, Dogwifhat, Solana, and Ethereum, with Bitcoin remaining the most popular holding despite high trading volumes in other options.

Despite Robinhood's recent success in its crypto business, including a significant surge in revenue, the company faces scrutiny from the SEC. The SEC's Wells Notice has raised concerns about Robinhood's crypto operations. However, CFO Jason Warnick has reassured users that customer accounts and crypto operations will continue as usual.

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