Robinhood’s European Crypto branch has launched Solana Staking.
Johann Kerbrat of Robinhood Crypto told Blockworks, in an interview, that at the launch, it will be possible to earn 5% APR, but this may change with changes made to staking rewards.
Robinhood Crypto is a notch below Coinbase which provides a reward estimated at 5.42% to Solana investors. Phantom wallet allows Solana Staking at an APY up to 7.58%.
Kerbrat explained that the firm selected Solana as its first stake product, because SOL is one of its most popular tokens with its EU clients, and it’s easier to stake on Solana than Ethereum.
Robinhood stated in a recent press release that Bitcoin is the crypto most commonly held by EU customers.
Kerbrat mentioned that the company was drawn to Solana’s shorter bonding period — the amount of time it takes before newly-staked assets begin earning yield. Solana bonds for two days while Ethereum varies between a couple of days and a week.
When asked if Robinhood Crypto would add staking for additional assets — like Ethereum — in the future, Kerbrat said “we are definitely thinking about it,” He declined to provide any specifics.
Robinhood Crypto, a trading app for cryptos in Europe was released in December. A Robinhood blog stated that the company is registered and regulated by Lithuania. According to the company’s cryptocurrency arm, its app was highly downloaded in Poland and Italy.
Robinhood Crypto lists 33 tokens, as opposed to Robinhood’s US trading app, which only offers 15 crypto assets — even fewer in New York and Texas.
SOL, Solana and DogWifHat memecoins are only available in Europe.
Robinhood’s US arm delisted Solana — among other cryptocurrencies alleged by the US Securities and Exchange Commission to be unregistered securities — in June of last year after the agency filed lawsuits against Coinbase and Binance.
Robinhood’s European crypto efforts are overshadowed perhaps by its recent Wells Notice received from the US SEC in relation to their crypto listings.
Robinhood and Robinhood’s EU crypto branch is “completely separate entities with different business models and different structures, and so at this point, the business in Europe is completely isolated from what’s happening in the US,” Kerbrat said.
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