• Robinhood has launched Solana (SOL) staking in Europe, marking its first-ever crypto-staking product.
• The staking feature will allow European customers to stake their Solana holdings directly through the Robinhood app and earn rewards.
• Robinhood is also introducing new customer rewards for European users who are new to the platform, alongside the Solana staking feature.
Robinhood Crypto has announced the arrival of Solana (SOL) staking in Europe, marking the app’s first ever crypto-staking product. The launch comes alongside new customer rewards for European users who are new to the platform.
ICYMI:
— BlockNews.com (@blocknewsdotcom) May 15, 2024Robinhood launches Solana $SOL staking for EU users
Details of the Solana Staking Product
The Solana staking and rewards programs are set to work together within the Robinhood app. Users can now stake their Solana holdings directly through the application with increased flexibility, according to a company press release.
Throughout 2022, Solana has been one of the top-performing cryptocurrencies, with a more than 600% increase over the last year per CoinMarketCap. Now, the prominent trading app is integrating staking support for the asset.
Specifically, Robinhood launched Solana staking in Europe alongside new customer rewards for new users. The company said the launch “seeks to increase accessibility, improve the user experience, and reinforce our commitment to Europe-based crypto traders.”
Benefits for Users
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, described the staking feature as a way for European users to earn additional passive income through the app.
The integration represents Robinhood’s first-ever crypto staking product, the press release stated. Customers can stake their Solana holdings directly in the app and earn rewards, while retaining the ability to unstake at any time.
Following the announcement, SOL’s value surged around 5% over 24 hours. It is currently trading at $152, with its market cap also increasing by over 5% in that timeframe.
Conclusion
The launch of Solana staking and rewards programs represents a major expansion of Robinhood’s cryptocurrency offerings in Europe. With staking support and incentives for new users, the company aims to improve accessibility, user experience, and its market share among European crypto traders. The integration has already provided a boost to Solana’s price and market standing.
