Robinhood, the popular trading platform, has introduced a groundbreaking new feature for its European customers. The company has unveiled its first-ever crypto staking product, allowing users to stake their solana (SOL) holdings directly through the app. This innovative feature enables customers to earn rewards while maintaining the flexibility to unstake their assets at any time.
In addition to crypto staking, Robinhood has also launched several other exciting features for its European users. The platform now offers localized apps, ensuring a more tailored experience for customers in different countries. Furthermore, new users can enjoy a 10% bonus on their net purchases within the first 30 days on the platform, paid in USDC. This incentive aims to attract and enhance the investment experience of newcomers.
To cater to its European customer base, Robinhood will be rolling out local language versions of the Robinhood Crypto app. The initial launch will include translations for users in Italy, Poland, and Lithuania. This localized approach will boost customers’ confidence and comfort as they conduct research and execute trades.
Johann Kerbrat, VP and GM of Robinhood Crypto, emphasized the importance of meeting customer demands. He stated, “Our customers in Europe have made it clear they want an app that supports local languages and offers products to earn passive income.” Robinhood is committed to delivering a comprehensive and user-friendly experience that aligns with its customers’ needs.
While Robinhood expands its crypto offerings in Europe, the crypto staking concept faces scrutiny in the United States. The SEC has taken action against various crypto exchanges offering staking services, arguing that these services violate securities regulations. In February 2023, the SEC charged Kraken, a prominent crypto exchange, resulting in a $30 million settlement and the discontinuation of its U.S. staking services. Robinhood is not exempt from this scrutiny, as the company has received a Wells notice from the SEC regarding its crypto operations. However, Robinhood is prepared to defend its position in court if necessary.
The introduction of Robinhood’s crypto-staking product marks a significant milestone in the company’s expansion into the crypto market. By offering innovative features and localized experiences, Robinhood aims to empower its European customers and provide them with greater opportunities for financial growth.
