California-based leading cryptocurrency and stock trading platform Robinhood has unveiled its Solana (SOL) staking services in Europe, said the company in an announcement. The new feature aims to enhance user experience and gain an edge over other global competitors.
The new offering allows users to earn passive income and unstake their cryptocurrencies at any time.
In addition to staking SOL tokens, Robinhood has introduced a crypto reward program for new users and a Learn & Earn program targeting AVAX, BTC, and USDC. The ultimate goal of the new features is to enable users to earn passive income. The firm also expects the fresh updates to help strengthen Robinhood’s commitment to European crypto traders.
More Staking Options
Robinhood will launch local language versions of its app in the upcoming weeks, starting with Italy, Poland, and Lithuania. These localized apps aim to give users greater confidence and comfort while researching and trading.
With the crypto reward program, Robinhood aims to draw new users with 10% bonus earning policy on their net purchases over the first 30 days, paid in USDC. This initiative also helps to enhance their investment experience.
According to the company, Learn & Earn modules focused on AVAX, BTC, and USDC, designed to help users understand different cryptocurrencies while earning rewards. These educational modules will soon be available in multiple languages, including Italian, Polish, and Lithuanian.
Johann Kerbrat, VP and GM of Robinhood Crypto, said the latest offerings are designed to meet users’ requirements.
“Since our launch last year, European customers have made it clear that they want an app with local language support and products that offer additional passive income opportunities,” Kerbrat said.
Explaining the launch of SOL staking, Kerbrat said Robinhood chose Solana because it’s the most used cryptocurrency in Europe. Additionally, staking SOL is easier than staking Ethereum (ETH). He added that the bonding time for SOL staking is also faster and only takes around two days. Meanwhile, staking ETH requires a few days to weeks.
Easy Ways To Create Returns
Since its launch, Robinhood Crypto has seen significant engagement from European users. Bitcoin (BTC), DogeWifHat (WIF), Solana (SOL), and Ethereum (ETH) are the most traded cryptocurrencies, with Bitcoin being the most held.
Poland, Italy, and Lithuania are among the top countries for app downloads, and about a third of European users are new to crypto trading. Ease of use is a primary consideration for these customers.
Robinhood has been linked to the world’s third-largest Bitcoin wallet, reportedly holding 118,300 BTC, worth around $7 billion at current prices. Additionally, sources suggest Robinhood may also be one of the top 5 Ethereum holders.
In June 2023, Robinhood delisted Solana (SOL), Polygon (MATIC), and Cardano (ADA) following their inclusion in the SEC’s lawsuits against Binance and Coinbase. These lawsuits alleged the named cryptocurrencies were unregistered securities.
Robinhood’s efforts to attract users in Europe comes after the company said it was served a Wells Notice from the US Securities and Exchange Commission (SEC) earlier this month alleging violations of the Securities Act.
The SEC…
A Wells Notice, issued by the SEC, serves as a formal warning to a company that the agency is considering legal action. Potential consequences include temporary restraining orders, administrative fines, or even license suspension or revocation.
Dan Gallagher, Chief Legal Officer, Compliance and Corporate Affairs for Robinhood Markets, expressed frustration with the SEC’s decision to issue a Wells Notice. He said Robinhood had cooperated with the SEC for a long time to understand and comply with regulations, but the SEC still chose to plan a legal action against them.
Despite the disagreement, Gallagher noted that Robinhood is willing to continue discussions with the federal agency. According to him, Robinhood is confident to defend its legal position based on both the facts of its case and relevant laws.
