Robinhood Europe debuts 5% APY Solana staking 

Digital asset trading platform Robinhood has announced Solana-based services in Europe after delisting SOL in the US due to regulatory concerns.

A May 15 press release stated that the Menlo Park service provider has enabled Solana (SOL) staking for European customers as part of its bloc-wide expansion. Eligible users will now be able to stake SOL tokens directly through the Robinhood app for up to 5 percent annual return (APY), marking the company’s first crypto staking offering.

The company is also rolling out localized versions of its platform to improve crypto adoption across Europe. Users in Italy, Poland and Lithuania will be the first to receive the new service before the company rolls it out in other countries.

Additionally, new customers can earn USDC rewards by purchasing crypto within 30 days of signing up and access web3 training modules centered on Avalanche (AVAX), Bitcoin (BTC), and Circle’s stablecoin.

Robinhood is shifting selected services out of the US

Robinhood’s decision to offer Solana-backed facilities in Europe perhaps underpins a friendlier approach to cryptocurrencies across the continent. The Promotion of Markets in Cryptocurrencies Regulation (MiCA) has apparently made it easier for service providers to ensure compliance and offer tokens.

In response, the platform delisted SOL, along with Cardano (ADA) and (MATIC), due to the US SEC classifying the tokens as securities in a lawsuit filed in June 2023. Many in the US have long condemned the commission’s “regulation through sanctions” tactics; Industry stakeholders say this decision leaves businesses without clear rules.

Still, the SEC continued to crack down on cryptocurrencies, including Wells’ notice against Robinhood over its digital asset operations. In response, the Digital Chamber expressed deep disappointment with the decision, reflecting a feeling that the SEC had failed in its congressional duty to regulate the markets.