Popular trading app Robinhood has introduced a staking service for Ethereum in Europe, which enables users to earn dividends or interest on their ETH holdings just for depositing and holding the token on the platform.
The launch of Robinhood’s Ethereum-staking product is accompanied by a bonus program for new customers as the no-fee app expands its crypto services in the European market. For a limited period, the platform is offering a 100% match on staking earnings, capped at €10,000 per customer.
Stakers earn passive rewards from their holdings by supporting the network through transaction validation and securing network operations. Staking rewards can fluctuate based on network inflation, the amount of ETH staked, validators’ commission rates, and market conditions.
This launch follows the introduction of Solana (SOL) staking earlier this year. The product allows Robinhood customers to stake Solana (SOL) and receive a 5% yield through the app. Competitors such as Kraken and Binance offer SOL staking with yields of up to 5% and 8%, respectively.
“Since launching at the end of last year, our customers in Europe have told us loud and clear that they want an app that provides local language support and products that help them earn additional passive income,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
“Robinhood Crypto is already one of the lowest cost places to trade on average with an easy-to-use interface that prioritizes education. Today’s news is a significant step forward in our mission to offer customers a more tailored in-app experience that meets their specific needs and helps them on their financial journey,” he added.
Earlier in October, Robinhood Crypto, the company’s crypto subsidiary, launched the new feature allowing European customers to transfer around 20 cryptocurrencies, including Bitcoin and Ether, to and from other platforms such as exchanges or wallets.
This development follows Robinhood’s entry into the European crypto market in late 2023, where customers could initially only trade crypto on its platform without the ability to transfer assets in or out. The expansion now simplifies self-custody and access to decentralized finance (DeFi) for users, giving them more control over their crypto holdings.
