Robinhood Crypto offers EU Solana staking at 5% APY


Staking Solana on Robinhood Crypto yields 5% APY, which is little lower than the 5.42% payout on Coinbase.

Solana staking, offered to clients by Robinhood’s European crypto division, would initially provide an annual percentage yield (APY) of about 5%.

Johann Kerbrat, general manager of Robinhood Crypto, has said that the real return can differ due to changes in staking incentives. While Coinbase estimates a payout of 5.42% for Solana stakers, Robinhood Crypto’s 5% APY is somewhat lower.

Phantom wallet, a self-custodial Web3 wallet, provides access to one of the best yearly payouts for staking Solana, with an APY of up to 7.58%. Robinhood claims that the SOL token’s popularity among its EU consumers was a major factor in the decision to introduce Solana as its first staking product.

Robinhood pointed out that Solana’s staking method is less complicated than Ethereum’s, and that newly-staked assets generate income after a shorter bonding time. Just so you know, Ethereum’s bonding time may be anywhere from a few days to a few weeks, but Solana’s bonding period is a solid two days.

Kerbrat said that Robinhood is contemplating the offers when questioned about its intentions to include staking for other assets.

The cryptocurrency trading software Robinhood Crypto, which debuted in December in the EU, is based in Lithuania and is subject to local regulation. Users in Poland, Italy, and Lithuania download the app at significant rates, according to the company’s crypto subsidiary. The US trading app provides fifteen cryptocurrency assets, with even less accessible in New York and Texas, whereas Robinhood Crypto includes thirty-three coins.

Memecoins like BONK and DogWifHat, developed by Solana, are accessible on the EU platform but not in the US. In June of last year, after the US Securities and Exchange Commission’s (SEC) lawsuits against Coinbase and Binance, Robinhood’s US branch delisted Solana and other cryptocurrencies that the SEC asserted to be unregistered securities.

Kerbrat insists that Robinhood and its EU crypto division are independent entities with distinct business methods, even though the US SEC sent a Wells Notice to Robinhood last week over its crypto listings.

Also Read: Binance Futures will stop using XRP and TUSD as margin assets and switch to USDT instead

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