Robinhood Solana Staking Is Now Available For Europeans

Key Points:

• Robinhood Europe launches 5% APY Solana staking.
• New reward program and Learn & Earn initiative introduced.
• Localized apps for Italy, Poland, and Lithuania coming soon.

Robinhood Solana staking has been launched in Europe with a 5% APY, lower than competitors Coinbase and Phantom. The launch includes incentives for new customers and Learn & Earn initiatives.

Robinhood’s European crypto branch has introduced staking for Solana. The feature is projected to offer approximately 5% annual percentage yield (APY) at its outset, with the potential to change as staking rewards fluctuate.

Robinhood Solana Staking is Now Available for Customers in Europe

According to the rate provided, it places Robinhood Crypto slightly lower than Coinbase, which provides an estimated reward of 5.42% for Solana stakers. Another competitor, the Phantom wallet, offers a higher APY for Solana staking at 7.58%.

The choice of Solana for the company’s inaugural staking product was driven by the token’s popularity among its European consumers. Furthermore, staking Solana is less complicated than doing the same with Ethereum, according to Johann Kerbrat, Robinhood Crypto’s general manager.

Readmore: Crypto Market Sees V-shaped Reversal: Perfect Time For Buyers?

New Promotional Programs for Robinhood Users

Robinhood also introduced a promotional program for new clients and a Learn & Earn initiative focusing on AVAX, BTC, and USDC.

The new customer reward program gives them a 10% reward of their total net purchase amount during their first 30 days on the platform, paid in Circle’s stablecoin, USDC. For the Learn & Earn initiative, users receive token rewards for completing courses on Robinhood Crypto EU.

Robinhood’s Expansion Plans and Token Listings

Robinhood Markets Inc. is relaunching Solana after delisting the token in June of the previous year due to SEC allegations against Binance and Coinbase.

As per the announcement, they intend to release localized app versions for Italy, Poland, and Lithuania in the coming weeks. Currently, Robinhood Crypto EU lists 33 tokens, a contrast to the U.S. trading app, which only offers 15.