First-Ever Robinhood Staking Service Goes Live with Solana at 5% APY

The European arm of U.S.-based trading platform Robinhood has introduced its premier staking service with Solana, offering an estimated return of up to 5%.

Robinhood disclosed the development in a press statement today, announcing a suite of new features tailored for its European customers. Specifically, the trading platform unveiled crypto staking, localized app versions, crypto rewards for new users, and enhanced Learn & Earn modules.

Solana Staking Service

Regarding crypto staking, Robinhood opened its inaugural staking product exclusively to European customers on Wednesday, May 15. The report noted that European users can start staking SOL tokens directly through the exchange app. Notably, participants in the staking service have the flexibility to redeem their staked assets at any time.

During a recent interview, Johann Kerbrat, vice president of Robinhood Crypto, revealed that, at this initial launch, the Solana staking features an annual percentage yield (APY) of 5%. Notably, this figure falls below the 5.39% offered by Robinhood’s rival Coinbase in its Solana staking service.

Meanwhile, Kerbrat disclosed that Robinhood’s decision to launch its inaugural staking offering with Solana stemmed from the token’s widespread popularity among its European user base. Moreover, the executive cited the more straightforward staking process on Solana than Ethereum.

Robinhood in Europe

Notably, Robinhood launched its crypto app for Europeans last December. During the few months of serving the region, the exchange observed the highest trade volumes from SOL, Bitcoin, Ethereum, and Solana-based meme coin Dogwifhat (WIF). 

While Bitcoin is the most-held crypto asset on the European platform, Robinhood has debuted its staking service with Solana.

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Regarding region, Italy, Lithuania, and Poland lead in the Robinhood app downloads. Accordingly, Robinhood has disclosed its intention to roll out local language versions of its app beginning with these popular regions.

Besides, users from Italy, Lithuania, and Poland have reportedly praised Robinhood’s Learn & Earn program for its value and educational content. For context, about a third of Robinhood Crypto’s European users are said to be new to crypto trading.

To attract more new users, Robinhood announced a 10% bonus on net buys during the first 30 days for new customers, paid out in USDC. The initiative aligns with the company’s strategy to enhance the crypto investment journey for newcomers.

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• Source: https://thecryptobasic.com/2024/05/15/first-ever-robinhood-staking-service-goes-live-with-solana-at-5-apy/?utm_source=rss&utm_medium=rss&utm_campaign=first-ever-robinhood-staking-service-goes-live-with-solana-at-5-apy