Robinhood's European cryptocurrency branch has introduced Solana staking, allowing users to earn approximately 5% APY (annual percentage yield) at launch, as stated by Johann Kerbrat, the general manager of Robinhood Crypto, in an interview with Blockworks. However, this APY may vary as staking rewards fluctuate. This places Robinhood Crypto slightly below Coinbase, which offers an estimated reward of 5.42% for Solana stakers, while the Phantom wallet provides Solana staking with an APY as high as 7.58%.
The decision to launch Solana staking first was influenced by the token's popularity among EU customers and the simplicity of staking on the Solana network compared to Ethereum, according to Kerbrat. Despite Bitcoin being the most-held cryptocurrency among EU customers, Solana was chosen due to its shorter bonding period, approximately two days, compared to Ethereum's bonding period, which ranges from a few days to a few weeks.
When questioned about the possibility of adding staking for other assets like Ethereum in the future, Kerbrat mentioned that it's under consideration but didn't provide specific details.
Robinhood Crypto's European platform, launched in December, operates as a crypto trading app registered and regulated in Lithuania. The app has gained popularity in Poland, Italy, and Lithuania. Unlike its US counterpart, Robinhood's European platform lists 33 tokens, including SOL and Solana memecoins like BONK and DogWifHat.
It's worth noting that Robinhood's US arm delisted Solana last year, along with other cryptocurrencies implicated by the US Securities and Exchange Commission (SEC) as unregistered securities. However, Robinhood's crypto operations in Europe remain separate from its US activities. Despite recent scrutiny from the SEC regarding its crypto listings, Robinhood's European branch operates independently from its US counterpart, according to Kerbrat.
May 2024, Cryptoniteuae