Robinhood Unveils Its Inaugural Cryptocurrency Staking Service
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Robinhood has unveiled its first cryptocurrency staking service, now accessible to European users. Additionally, the company has rolled out several new features for its European clientele.
“Robinhood Crypto customers can now stake their Solana (SOL) directly through the app, earning rewards with the option to unstake at any time,” stated the initial announcement.
Robinhood Launches First Crypto-Staking Service for European Users
Robinhood has introduced several new features for its European users, including a crypto-staking service, multilingual apps, crypto rewards for new users, and enhanced Learn & Earn modules. Robinhood Crypto allows customers to trade over 30 cryptocurrencies, track real-time values, and use charts for better trading strategies.
The company stated:
We’re launching our first crypto-staking product today, specifically for our European consumers.
Robinhood Crypto users can now stake their Solana (SOL) directly through the app, earning rewards with the flexibility to unstake anytime. Starting Wednesday, new clients can receive a 10% bonus on net purchases made within the first 30 days, payable in USDC. This incentive aims to attract new users and enhance their cryptocurrency investment experience.
Key Features:
- New users get a 10% bonus on net purchases in the first 30 days, payable in USDC.
- Robinhood Crypto app will be available in local languages for users in Italy, Poland, and Lithuania, offering a fully translated experience.
Johann Kerbrat, VP and GM of Robinhood Crypto, stated, “Since launching at the end of last year, our customers in Europe have made it clear that they want an app that supports local languages and offers products to earn passive income.”
In the United States, cryptocurrency staking is under scrutiny. The Securities and Exchange Commission (SEC) has targeted several cryptocurrency exchanges offering staking services, labeling them as unregistered securities. For instance, in February 2023, the SEC charged Kraken, resulting in a $30 million settlement and the suspension of its U.S. staking services.
The SEC has also issued a Wells notice to Robinhood Markets, questioning its cryptocurrency operations, which the company plans to challenge in court if necessary.
