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 Oct. 21 that its customers in the EU can now transfer Solana (SOL) and earn a 1% deposit bonus. Notably, SOL transfers on Robinhood Crypto come a few weeks after the company rolled out crypto transfers for customers in Europe.

With the feature, customers can deposit and withdraw over 20 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and USDC (USDC). All deposits attract a 1% bonus, with this offer available until November 30, 2024.

Robinhood expands EU footprint

Robinhood Crypto transfers add to the platform’s product offering that includes purchases and trading of more than 35 crypto assets. Customers can also stake SOL directly from within their app and earn an annual yield of 5.23%.

The staking feature is one of the key developments Robinhood Crypto unveiled in May 2024.

Apart from allowing crypto holders to stake their tokens, the platform also revealed plans for localized apps and crypto rewards. It also updated its learn & earn modules as it looked to expand its presence across Europe. It targeted milestones such as further accessibility, improved user experience and regulatory compliance.

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

Meanwhile, most users continue to hold and trade Bitcoin, whose spot BTC ETFs the platform added support for a day after the U.S. Securities and Exchange approved them in January 2024.

In terms of the 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.