Robinhood Crypto Rolls Out Solana Staking for European Users

On May 15, Robinhood, a multi-asset trading platform, announced a series of new features in its crypto services today. Robinhood Crypto has launched several services aimed at its European customers.

Among the most notable updates are the introduction of a crypto-staking product and the rollout of localized app versions. These enhancements are designed to boost accessibility and improve user experience.

Robinhood Crypto Rolls Out Localized Apps for European Customers

Starting today, Robinhood Crypto will offer its first-ever crypto-staking product exclusively to European customers. The app allows users to stake their Solana (SOL) holdings.

They can also earn rewards with the flexibility to unstake at any time. Additionally, new customers can earn a 10% bonus on their net buys over their first 30 days on the platform, paid out in USDC.

Johann Kerbrat, VP and GM of Robinhood Crypto, noted that European customers had expressed a need for opportunities to earn passive income. He said that the new features mark a significant advancement. Furthermore, these features will offer a more tailored in-app experience to meet customers’ specific needs.

Read more: How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide

“Today’s news is a significant step forward in our mission to […] help them on their financial journey,” Kerbrat stated.

In addition to staking, Robinhood Crypto will soon launch localized versions of its app, starting with Italy, Poland, and Lithuania. These versions will offer the full range of services in local languages, giving users more confidence and comfort as they research investments and place trades.

In a separate development, Vlad Tenev, Robinhood CEO, announced that the company had hit $5 billion in equities trading volume today.

“One of our biggest days in the past 12 months,” Tenev said.

Many link Robinhood’s recent achievement to the resurgence in stock market interests, particularly GameStop (GME). Keith Gill, a financial analyst popularly known as The Roaring Kitty, initiated the recent price surge.

Robinhood and GME have a history. In January 2021, Robinhood faced controversy when it froze trades for GameStop’s stock.

The platform cited “market volatility” as the reason. It only allowed customers to sell their shares, preventing any other type of trade.

Following the announcement of its new features and latest milestones, Robinhood’s stock (HOOD) showed positive performance. HOOD’s price has been up 6.69% today and is trading at $18.02 at the time of writing.

Read more: Coinbase vs. Robinhood: Which Is the Best Crypto Platform?

HOOD Price Performance.
HOOD Price Performance. Source: Google Finance

Last week, Robinhood also announced an impressive performance in the first quarter of 2024. In its latest quarterly earnings report, Robinhood stated that it had a substantial increase in crypto assets under custody, which stood at $26 billion by the end of March. This represents a 78% rise from the end of 2023.

Despite these developments, Robinhood now faces increased scrutiny from the US Securities and Exchange Commission (SEC). BeInCrypto previously reported that the SEC had issued a Wells notice regarding potential violations concerning Robinhood’s crypto practices.

The notice issuance could lead to enforcement actions. However, Robinhood’s leadership remains committed to defending the company’s business practices.


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