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Robinhood Launches Solana Staking for European Users

ByLouis Adams

May 16, 2024 #Altcoins
Reading time: < 1 minute

Trading platform Robinhood is shifting its focus to European users to expand its crypto services amid looming legal challenges in the United States.

On May 15, the company unveiled its first crypto-staking product, specifically designed for European customers. According to the announcement, Robinhood users can now stake Solana (SOL) through the app and earn a 5% yield.

Competitors like Kraken and Binance offer SOL staking with advertised yields of up to 5% and 8%, respectively. Stakers receive passive rewards from their holdings in exchange for supporting the network.

By staking, users lock up their tokens to validate transactions and ensure network security. The rewards from staking can fluctuate based on factors such as network inflation, the amount of SOL staked, validators’ commission rates, and market conditions.