Robinhood has rolled out its inaugural crypto staking feature, marking a milestone for European users. Alongside this debut, the company has introduced a range of other enhancements tailored for its European clientele.
This includes localized apps, crypto rewards for newcomers, and updated Learn & Earn modules. Through Robinhood Crypto, users gain access to trade over 30 cryptocurrencies, monitor real-time prices, and utilize charts to refine their trading strategies.
The company elaborated on the announcement:
Today, we’re thrilled to introduce our first-ever crypto-staking product, exclusively available to our European customers.
As detailed in the announcement, Robinhood Crypto users can now stake their solana (SOL) holdings directly through the app, enabling them to earn rewards while retaining the flexibility to unstake at their discretion.
Moreover, starting Wednesday, new customers can enjoy a 10% bonus on their net purchases within the initial 30 days on the platform, paid in USDC. This initiative aims to attract new users and enrich their crypto investment journey. Additionally, the platform will debut localized versions of the Robinhood Crypto app in select European countries, starting with Italy, Poland, and Lithuania. Once launched, customers in these regions will benefit from a fully translated experience, bolstering their confidence and ease as they explore investments and execute trades.
Johann Kerbrat, VP and GM of Robinhood Crypto, remarked, “Since our European launch last year, our customers have voiced their desire for localized language support and income-generating products.”
While crypto staking gains traction in Europe, it faces scrutiny in the United States. The U.S. Securities and Exchange Commission (SEC) has taken action against several crypto exchanges offering staking services, arguing that these services constitute unregistered securities offerings. For example, the SEC charged crypto exchange Kraken in February 2023, resulting in a $30 million settlement and the discontinuation of Kraken’s U.S. staking services. Robinhood Markets has also received a Wells notice from the securities regulator regarding its crypto operations, a matter the company plans to contest in court if necessary.
