Robinhood Launches Solana Staking for EU Users

Robinhood Crypto, the crypto-focused subsidiary of the American financial company Robinhood, has added new features for users within the European Union (EU). These features include staking, crypto rewards for new users, localized apps, and improved Learn to Earn modules.

Robinhood to Attract More EU Users

Robinhood Crypto entered the EU financial market in December 2023. Since then, customers in countries within the region accessed crypto trading capabilities. The firm allowed users to access over 25 cryptocurrencies. The company also promised BTC rewards to new users.

Since then, the crypto-focused arm has seen the most influx in users from Italy, Poland, and Lithuania. One-third of these users admit this is their first time using crypto assets. Cryptocurrencies like Bitcoin, Ethereum, Dogwifhat, and Solana have captured the most trading volume among these users.

Robinhood Crypto’s General Manager and Vice President, Johann Kerbrat, revealed that EU customers have clamoured for “local language support and products that help them earn additional passive income.” As part of its goal to attract more users in the EU and bring the most value to existing customers, the crypto platform added these new features to bolster user experience and earning streams. The firm believes this will expand its assets under management beyond $26 billion.

The staking feature entails users locking their Solana (SOL) holdings on the app in exchange for additional rewards. Customers have the free will to unlock their SOL anytime they want. Another reward stream enables new users to earn a 10% bonus on their net purchase within 30 days of registering on the platform. The rewards will be payable in USDC stablecoin.

The company explained that it would launch localized apps for users within the coming weeks. Languages like Italian, Polish, and Lithuanian will be the first to be added to the Robinhood app. This development would allow local users to get the most from their crypto trading experience.

Through its newly introduced Learn to Earn modules, EU users will study and understand cryptocurrencies like AVAX, BTC, and USDC. These learners will also earn little crypto rewards in the process.

Robinhood Faces Challenges in the U.S.

Despite its flourishing business in the EU, Robinhood Crypto faces its share of regulatory tussle with the United States Securities and Exchange Commission (SEC).

Earlier this month, the firm was issued a Wells notice by the SEC, a step towards a regulatory crackdown involving its crypto business. Following the announcement, Robinhood’s native cryptocurrency (HOOD) tanked by 3%.