Thanks to a new program from Robinhood’s crypto division, users in Europe now can stake SOL tokens. Robinhood also introduced several other updates for EU citizens.
Robinhood Crypto announced several updates prepared specifically for the European market. The key one among them is the launch of the Solana staking program. The annual percentage yield (APY) of staked SOL is 5%.
Users can use the staking service directly through the Robinhood Crypto app. Interest on staked assets is calculated in real-time. The service doesn’t imply restrictions on the term of asset placement and allows users to return staked assets at any time. It started working on May 15, 2024, exclusively for users from the European Union.
Moreover, Robinhood Crypto launched a promotion for new European users — the opportunity to receive 10% of their purchase price as a bonus during the first 30 days after registration on the platform. Bonuses will be accrued in USDC. It should be noted that the maximum bonus amount for one user is equivalent to €500, and the bonus funds can be used or withdrawn from the account no earlier than 180 days after accrual.
Besides, the Robinhood Crypto app has several language options available for users from European countries. So far, this concerns Italy, Poland, and Lithuania, as these countries are leading in the number of app downloads. The list of language versions will be expanded in the future.
Another innovation is the launch of the Learn & Earn educational program, which allows Robinhood Crypto users to improve their knowledge of various aspects of the digital asset market, using economic incentives as motivation.
Despite the success in Europe, the U.S. trading platform Robinhood is under regulatory pressure — the U.S. Securities and Exchange Commission (SEC) accused the site of violating securities laws, which might lead to legal actions.
