Robinhood introduces Solana Staking for European users: Earn passive income while you hold!
Robinhood Crypto has announced the launch of Solana staking services for its European users, allowing them to earn rewards on their Solana holdings within the Robinhood app. The initial Annual Percentage Yield (APY) for Solana staking is around 5%, slightly lower than Coinbase’s 5.42% APY. However, Phantom Wallet offers an even higher APY of 7.58% for Solana staking.
Staking involves users locking up their cryptocurrency to support blockchain networks and earning rewards in return. With Robinhood’s new feature, investors can use their SOL holdings to earn rewards directly in the app, giving them more control over their investment strategies.
This move by Robinhood Crypto was inspired by feedback from European customers who expressed a desire for localized language support and opportunities to earn passive income through their crypto holdings. In response, Robinhood Crypto has introduced new features specifically designed for its European customers, including localized apps, crypto rewards for new users, and updated Learn & Earn modules providing valuable educational content about cryptocurrencies.
The decision to launch Solana as the first staking product was driven by the popularity of the SOL token among Robinhood’s EU users. Staking on Solana is simpler compared to Ethereum, with a shorter bonding period for newly-staked assets to start earning yield. Solana’s bonding period typically completes within two days, whereas Ethereum’s bonding period can vary from days to a few weeks.
While Robinhood is exploring additional offerings for staking, the platform currently supports Solana meme coins such as BONK and WIF. It’s important to note that Robinhood’s European operations function independently and operate under a separate business model, despite the scrutiny the company faces from the US SEC regarding its crypto listings. This emphasizes Robinhood’s commitment to regional compliance while serving its European customers.