Robinhood Launches Solana Transfers for EU Users

Robinhood Crypto has introduced support for Solana cryptocurrency transfers for users within the European Union, as announced recently.

The platform shared on October 21 that EU customers can now transfer Solana (SOL) and receive a 1% deposit bonus. Importantly, the launch of SOL transfers on Robinhood Crypto follows the rollout of crypto transfers for customers in Europe just a few weeks prior.

This feature allows users to deposit and withdraw over 20 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDC (USDC). All deposits are eligible for a 1% bonus, which will be available until November 30, 2024.

Robinhood enhances presence in the EU

With the introduction of crypto transfers, Robinhood Crypto expands its product line that includes the purchase and trading of over 35 crypto assets. Users can also stake SOL directly through the app and enjoy an annual yield of 5.23%.

The staking capability was one of the major features unveiled by Robinhood Crypto in May 2024.

In addition to enabling crypto holders to stake their assets, the platform has announced plans for localized applications and crypto rewards. It has also upgraded its learn & earn modules as part of its strategy to broaden its reach across Europe, aiming for improvements in accessibility, user experience, and regulatory adherence.

Launched in December 2023, Robinhood Crypto EU has seen a significant increase in trading volume, including the meme coin dogwifhat (WIF), which experienced a notable price surge following its addition to the trading app.

Meanwhile, the majority of users continue to hold and trade Bitcoin, particularly after the platform began supporting spot BTC ETFs just one day after they received approval from the U.S. Securities and Exchange Commission in January 2024.

Regarding overall usage, Robinhood Crypto has the highest user base in Poland, Italy, and Lithuania. Additionally, it is worth noting that the SEC issued a Wells Notice to Robinhood Crypto in May.