Robinhood Crypto has launched Solana staking for its European customers, which will give them an estimated 5% APY at the beginning. This action places Robinhood Crypto at a competitive level, although a bit behind Coinbase’s 5. 42% and Phantom Wallet’s 7. 58% for Solana staking.
Robinhood picks Solana for staking product
Solana was Robinhood’s first choice for its staking product as it was in high demand by European users. Solana’s staking process is also simpler than Ethereum’s. The choice is in accordance with Robinhood Crypto’s plan to satisfy the demands of its European users. According to Johann Kerbrat, general manager of Robinhood Crypto, the shorter bonding period of Solana—around two days compared to Ethereum’s varying duration—was the main reason for this decision.
As stated in the Robinhood press release, Bitcoin is still the most-held cryptocurrency by EU customers. Nevertheless, Solana’s popularity and simpler staking mechanics made it a perfect fit for Robinhood Crypto’s initial staking product.
European users propel Robinhood crypto growth
Although Robinhood Crypto is currently using Solana for staking, it is also thinking about adding other cryptocurrencies in the future. Kerbrat said that the company is thinking of adding more assets like Ethereum for staking, but he was not able to give specific details. The European branch of Robinhood Crypto is looking for new ways to expand its services to satisfy the needs of the users.
Robinhood Crypto’s European operations started in December. The company mainly provides crypto trading services. The app is very popular in countries like Poland, Italy, and Lithuania, which means that people in these countries are interested in cryptocurrency investments.
EU users access exclusive Solana memecoins
Robinhood Crypto is a different organization from its US version, with different business models and structures. This separation is essential since Robinhood’s US arm has to confront regulatory problems, such as a recent Wells Notice from the US Securities and Exchange Commission (SEC) concerning its crypto listings. The European affiliate, which is registered and regulated in Lithuania, is not affected by these problems and keeps on expanding its services.
The European branch has 33 tokens, almost twice as many as the 15 crypto assets available on Robinhood’s US trading app. Thus, the difference in the regulations and market demands of the two regions becomes clear. The fact that tokens like SOL and Solana memecoins, also known as BONK and DogWifHat, are available in the EU but not in the US is another proof of these differences.
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