🌎 Robinhood Crypto EU Adds Solana Transfers, 1% Deposit Bonus

Robinhood Crypto has expanded its services to include support for Solana crypto transfers for users in the European Union. This new feature, announced on October 21, allows customers in the EU to transfer Solana (SOL) and earn a 1% deposit bonus. This update follows the recent introduction of crypto transfers for European customers.

Expanded Cryptocurrency Options

With this new feature, users can now deposit and withdraw over 20 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDC. All deposits are eligible for a 1% bonus, an offer that will be available until November 30, 2024.

Enhanced Product Offering

The addition of Solana transfers enhances Robinhood Crypto’s product range, which already includes the purchase and trading of more than 35 crypto assets. Customers can also stake SOL directly from the app and earn an annual yield of 5.23%.

Staking and Localized Features

The staking feature is a significant development that Robinhood Crypto introduced in May 2024. Beyond staking, the platform has plans for localized apps and crypto rewards. The company has also updated its learn & earn modules to improve accessibility, user experience, and regulatory compliance across Europe.

Market Impact and User Engagement

Since its launch in December 2023, Robinhood Crypto EU has seen a significant increase in trading volume. One notable example is the meme coin Dogwifhat (WIF), which experienced a sharp price rise following its listing on the platform. Despite the variety of available cryptocurrencies, most users continue to trade Bitcoin, especially after the platform added support for spot BTC ETFs following U.S. Securities and Exchange Commission approval in January 2024.

Geographical Reach

Robinhood Crypto has a strong user base in Poland, Italy, and Lithuania. However, it’s worth noting that the SEC issued a Wells Notice to Robinhood Crypto in May, underscoring the importance of regulatory compliance.