Robinhood launches Solana staking in Europe with 5% APY

abdelaziz Fathi

Popular trading app Robinhood has introduced a staking service for Solana (SOL) in Europe, which enables users to earn dividends or interest on their SOL holdings just for depositing and holding the token on the platform.

Robinhood Crypto

The launch of Robinhood’s Solana-staking product is accompanied by a bonus program for new customers as the no-fee app expands its crypto services in the European market. Additionally, they can earn a 10% bonus on their net purchases within their first 30 days on the platform, with bonuses paid out in USDC stablecoins.

The company also plans to introduce localized versions of its app for users in Italy, Poland, and Lithuania in the coming weeks.

“Robinhood Crypto customers in Europe can now stake their Solana holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the company stated.

“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, Vice President of Robinhood Crypto.

The new staking 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.

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 SOL staked, validators’ commission rates, and market conditions.

Alongside the SOL staking initiative, Robinhood is introducing local-language versions and educational content for users in Italy, Poland, and Lithuania. The educational content will focus on Bitcoin (BTC), USD Coin (USDC), and Avalanche (AVAX).

Robinhood reported a strong surge in crypto trading activity in the first quarter of 2024, with a 224% increase in trading volumes to $36 billion. Nearly 40% of its transaction-based revenue came from crypto-related services, leading to the company’s second consecutive profitable quarter with a net income of $157 million.

Despite the growing demand, Robinhood’s crypto business faces several challenges. On May 6, the company received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action against its crypto arm.

The SEC’s investigation focuses on Robinhood’s cryptocurrency listings and custodian operations for alleged securities violations. As a precaution, Robinhood does not offer staking services in the United States, nor does it list certain crypto tokens or provide lending services.

Read this next

Industry News

T+1 settlement goes live today in Canada, Mexico, Argentina

“Shortening the time between the trade date and settlement date reduces risk in the system, and the industry has worked hard to prepare for this important change.”

Industry News

DanFX’s Daniel Farook Ali sentenced to 7 years after extradition

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024.

Market News

Global Currency Market Dynamics Influenced by US Bond Market Volatility

The recent turbulence in the US bond market has benefited the USD.


Top 5 ICOs that are Likely to Explode in the Current Bull Run 2024

Explore top upcoming ICOs: BlockDAG, GBTC, TUK, SCOTTY, and SPONGE. Learn about their potential high returns and unique features.


BlockDAG’s Revolutionary Dev Release 36: Off-Chain PoW and a $30 Projection by 2030

Explore BlockDAG’s latest off-chain PoW innovation and its $32M presale success. Projected to reach $30 by 2030.


30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.


IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.


May 2024 Crypto Spotlight: Why Whales Are Choosing BlockDAG Over Retik Finance, Will CoinW & P2B Listing Save $RETIK?

Uncover why BlockDAG is winning over smart investors in May 2024, and surpassing Retik Finance’s performance on exchanges like CoinW and P2B.


Ethereum Leads Altcoins Toward a Huge Rally: Expert Top Picks for Altseson Unveiled

A fresh surge in alternative cryptocurrencies is building momentum as Ethereum leads the charge.