Robinhood, the European branch of the cryptocurrency trading company, has announced the launch of Solana staking for its customers in the European Union. Robinhood Crypto's general manager, Johann Kerbrat, said that customers can now earn an annual percentage yield (APY) of around 5% at launch. Actual returns may vary over time as staking fees change. While Robinhood Crypto's proposed 5% APY yield is slightly lower than competitors such as Coinbase, which offers a 5.42% APY for Solana stakers, the decision to launch Solana as the first steaking product was made given the popularity of the SOL token among European users.
Robinhood notes that Solana's steaking process is simpler than #ETFvsBTC and has a shorter pegging period to generate revenue from new assets. Unlike Ethereum, where the pegging period can range from several days to several weeks, in #Solana it is only two days. This makes staking more attractive for users who want to generate income from their crypto assets quickly. In addition, #Robinhood representatives said that they are considering adding steaking for other cryptoassets in the future.
The European Robinhood Crypto app, which launched in December, is already popular among users in Poland, Italy and Lithuania. It offers a wider range of cryptoassets compared to the U. S. app, including 33 tokens and memcoins such as BONK and DogWifHat. Robinhood's U. S. division removed Solana and some other cryptocurrencies from its list last year after the U. S. Securities and Exchange Commission (SEC) filed lawsuits against crypto exchanges #Coinbase and #Binance , alleging they were trading unregistered securities.
The launch of Solana Steaking demonstrates Robinhood's commitment to expanding its crypto services and providing users with new opportunities to generate income from their assets. Given the popularity of cryptocurrencies and the growing interest in steaking as a way to make passive income, this move could attract new users to the Robinhood Crypto platform and strengthen its position in the European cryptocurrency market. Time will tell how the competition between crypto platforms will develop and whether they will be able to offer even more attractive conditions for steaking in the future.
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