Robinhood unveils Solana crypto transfers for EU users

Robinhood Crypto has added support for Solana crypto transfers for users in the European Union, according to an announcement.

The platform announced on October 21 that customers in the EU can now transfer Solana (SOL) and earn a 1% deposit bonus. Notably, the SOL transfers on Robinhood Crypto occurred just weeks after the company launched crypto transfers for customers in Europe.

With this feature, customers can deposit and withdraw more than 20 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and USDC (USDC). A 1% bonus is applied to all deposits and this offer is valid until November 30, 2024.

Robinhood expands footprint in EU

Robinhood Crypto transfers add to the platform’s product offering, which includes the purchase and trading of more than 35 crypto assets. Customers can also stake SOL directly from within their app and earn a 5.23% annual return.

The staking feature is one of the important developments that Robinhood Crypto introduced in May 2024.

In addition to allowing crypto holders to stake their tokens, the platform has also revealed plans for localized applications and crypto rewards. It has also updated its learn and earn modules as it plans to expand its presence across Europe. It targeted milestones such as greater accessibility, improved user experience and regulatory compliance.

Launched in December 2023, Robinhood Crypto EU has witnessed a significant increase in trading volume. This includes meme coin dogwifhat (WIF), whose price rose sharply after its listing on the trading app.

Most users, meanwhile, continue to hold and trade Bitcoin through spot BTC ETFs, for which the platform added one-day support after the U.S. Securities and Exchange approved it in January 2024.

In terms of overall usage, Robinhood Crypto has the most users in Poland, Italy, and Lithuania. Notably, the SEC issued a Wells Notice to Robinhood Crypto in May.