Key Insights
- Robinhood launched new crypto features for European users, including staking, rewards programs, and localized apps.
- European customers can now stake Solana tokens on Robinhood and earn a 10% bonus on new crypto purchases.
- The move aims to improve accessibility and user experience as Robinhood expands its crypto offering internationally.
LONDON (MarketsXplora) – Robinhood Markets Inc HOOD.O on Wednesday launched a series of new cryptocurrency features for its European customers, including staking and rewards programs, as the U.S. retail trading platform drives deeper into the cryptocurrency space internationally.
The Menlo Park, California-based company said it was introducing its first-ever crypto staking product exclusively for European users, allowing them to earn rewards for holding Solana tokens directly through the Robinhood app.
New European crypto customers will also receive a 10% bonus paid in the USD Coin stablecoin on their net purchases over the first 30 days on the platform, Robinhood said.
Additional regional offerings include localized language versions of the Robinhood app beginning in Italy, Poland and Lithuania, as well as educational crypto modules tailored to those markets.
The initiatives “are a significant step forward in our mission to offer customers a more tailored in-app experience that meets their specific needs,” said Johann Kerbrat, vice president and general manager of Robinhood’s crypto unit.
Kerbrat added that since its European crypto trading launch in December, about a third of the region’s users reported it was their first crypto platform, underscoring demand for easier access to the asset class.
Bitcoin, Dogecoin, Solana and Ether have been among the most traded and held cryptocurrencies by European Robinhood customers so far, the company said.
The brokerage’s expansion in crypto trading comes amid growing regulatory scrutiny in the United States and a brutal crypto market downturn that has seen the bankruptcy of major players like FTX and steep job cuts across the industry.
In April, Robinhood was one of the first major platforms to integrate with the Polygon blockchain to facilitate cheaper crypto transfers.
The company launched its web3 wallet in September, aiming to make it easier to use decentralized apps and store digital assets away from traditional brokerages.
Shares of Robinhood were up 1.5% in morning U.S. trading on Wednesday.