TechFlow News: Robinhood's European cryptocurrency arm has launched staking services for Solana, offering an estimated annual yield of approximately 5%.
Solana was selected as the first staking asset due to SOL being one of the most popular tokens among its EU customers, and because staking on Solana is simpler compared to Ethereum. The company stated it may consider adding staking support for other assets, such as Ethereum, in the future.
Robinhood Crypto launched last December as a cryptocurrency trading app in the European Union, registered and regulated in Lithuania. The app has seen high download volumes among users in Poland, Italy, and Lithuania. Robinhood Crypto lists 33 tokens, while Robinhood’s U.S. trading platform offers only 15 crypto assets. SOL and Solana-based meme coins including BONK and DogWifHat are available in the EU but not in the U.S. In June last year, Robinhood's U.S. division delisted Solana from its trading platform amid U.S. Securities and Exchange Commission allegations regarding other cryptocurrencies.
