Robinhood unveils Solana crypto transfers for EU users

Robinhood Crypto has announced that it now supports Solana (SOL) transfers for users in the European Union, a move that expands its crypto services in the region. The platform made the announcement on October 21, revealing that EU customers can now transfer Solana, along with over 20 other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDC. As part of the launch, Robinhood is offering a 1% deposit bonus on all crypto transfers, with the promotion running until November 30, 2024.

This new feature follows the rollout of crypto transfers on Robinhood Crypto for European customers, which began a few weeks earlier. In addition to deposits and withdrawals, users can stake Solana directly within the app and earn an annual yield of 5.23%. The staking feature, along with support for more than 35 cryptocurrencies, was one of Robinhood’s key product developments, introduced in May 2024.

Robinhood Crypto’s expansion into the EU includes plans for localized apps and enhanced crypto rewards. The platform also updated its “Learn & Earn” modules, further emphasizing its efforts to increase accessibility, improve user experience, and ensure regulatory compliance across Europe.

Since its launch in December 2023, Robinhood Crypto EU has seen a significant rise in trading volume, with notable activity around meme coins like Dogwifhat (WIF), whose price spiked following its listing on the app. Despite this, Bitcoin remains the most traded asset, especially after Robinhood added support for Bitcoin spot ETFs following approval by the U.S. Securities and Exchange Commission (SEC) in January 2024.

Currently, Robinhood Crypto’s largest user bases are in Poland, Italy, and Lithuania. The platform has faced regulatory scrutiny, as evidenced by the SEC issuing a Wells Notice to Robinhood Crypto in May 2024, though the company continues to expand its footprint in the European market.