Robinhood's first cryptocurrency staking product is launched, SOL can be staked

Author: Kevin Helms, Bitcoin.com; Compiler: Wuzhu, Golden Finance

Robinhood has launched its first crypto investment product, which will be available to European customers. The company has also launched several other new features for European users. "Robinhood crypto customers can now stake their solana (SOL) directly through the app, allowing them to flexibly earn rewards at any time," said the first statement.

"We are launching our first cryptocurrency staking product"

Robinhood has launched a series of new features for its European customers, including staking, localized applications, new user cryptocurrency rewards, and updated content for the Learn and Earn modules. With Robinhood Crypto, users can trade over 30 cryptocurrencies, track real-time prices, and access charts to refine their trading strategies.

Starting today, we are launching our first crypto staking product, which will be exclusively available to European customers, the company explained.

“Robinhood Crypto customers can now stake their solana (SOL) assets directly through the app, giving them the ability to earn rewards with the flexibility to unstake at any time,” the announcement detailed.

In addition, starting Wednesday, new customers will be able to earn a 10% bonus on their net purchases within their first 30 days on the platform. The bonus will be paid in USDC. The move is designed to attract new users and enhance their crypto investing experience. The platform will also launch local language versions of the Robinhood Crypto app, starting with users in Italy, Poland, and Lithuania. Once launched, customers in these countries will receive a fully translated experience, increasing their confidence and comfort when researching investments and making trades.

“Since launching late 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,” commented Johann Kerbrat, Vice President and General Manager of Robinhood Crypto.

The cryptocurrency staking space is currently under scrutiny in the United States. The U.S. Securities and Exchange Commission (SEC) has taken action against multiple cryptocurrency exchanges that offer staking services, arguing that these services constitute unregistered securities offerings. For example, the SEC filed charges against cryptocurrency exchange Kraken in February 2023, which ultimately resulted in a $30 million settlement and the cessation of Kraken's staking services in the United States. The securities regulator also sent Robinhood Markets a Wells Notice regarding its crypto business, which the company intends to fight in court if necessary.