Thomas Daniels
Robinhood Crypto has officially introduced Solana (SOL) crypto transfers for its European Union (EU) users, expanding its product suite in the region. Announced on October 21, the feature allows customers to transfer Solana while earning a 1% deposit bonus on transactions. This move follows Robinhood’s recent launch of crypto transfers across Europe.
EU users can now deposit and withdraw over 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDC, with all deposits receiving a 1% bonus until November 30, 2024.
Robinhood’s European Expansion
The addition of Solana transfers underscores Robinhood’s broader effort to enhance its crypto services in Europe. The platform already supports the trading of over 35 digital assets and offers staking options for SOL, with users earning a 5.23% annual yield. These services are part of Robinhood’s ongoing push since May 2024 to offer localized apps, crypto rewards, and enhanced educational tools.
Since its December 2023 debut in the EU, Robinhood Crypto has seen a significant uptick in trading volumes, particularly with meme coins like Dogwifhat (WIF), which experienced a price surge after its listing. Bitcoin remains the most traded asset, especially following Robinhood’s support for BTC spot ETFs in early 2024.
Currently, Robinhood’s largest user bases in the EU are in Poland, Italy, and Lithuania. However, the platform faces regulatory challenges, as the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Robinhood Crypto in May 2024.
