Robinhood has expanded its Ethereum staking offerings in Europe following the successful launch of Solana staking in May.
The cryptocurrency division of Robinhood, a brokerage firm headquartered in the United States, has expanded its offerings by introducing Ethereum staking to customers in Europe.
On Tuesday, November 26, the company announced that European users can now stake their Ether to earn additional income. Robinhood Crypto provides a promotional 100% match on staking rewards for up to €10,000 per customer to entice participants, despite the company’s prior notification that it would be available for a limited time.
Robinhood to Compete with Kraken and Binance
Robinhood has now joined the ranks of Binance and Kraken in offering staking services in Europe with the introduction of the new offering. In May, the company launched Solana staking services, which enabled users to earn yields of up to 5% on their staked assets. This was the company’s initial foray into the staking space.
Robinhood Crypto has announced that its application allows European traders to stake SOL and ETH directly. Passive rewards are earned by token holders who secure them to validate network transactions and guarantee network security. This process not only safeguards the blockchain but also averts malicious activity.
Nevertheless, the number of cryptocurrencies staked, network inflation, validators’ commission rates, and overall market conditions can all contribute to fluctuations in staking rewards.
According to Johann Kerbrat, the general manager and vice president of Robinhood Crypto, digital asset staking has been a highly sought-after service in Europe.
“Robinhood’s platform is designed with our customers in mind.” Staking has been a feature that has been highly requested, but it can also be intimidating for those new to the crypto world. “We have simplified the staking process to ensure that users can earn rewards efficiently and contribute to the security of the ETH network,” stated Kerbrat.
Intensifying European Engagement
Robinhood has been customizing its platform to accommodate the requirements of European users. In May, the company introduced localized versions of its app for users in Italy, Poland, and Lithuania in conjunction with launching its first crypto-staking services.
The objective of the relocation was to enhance navigation and accessibility. At the time, Kerbrat stated, “Customers in Europe have told us loud and clear that they want an app that provides local language support and products that help them earn additional passive income.”
Furthermore, the organization enhanced its educational resources by providing content concentrating on Avalanche, USD Coin, and Bitcoin to enhance users’ comprehension of cryptocurrencies.
At the same time, Robinhood’s heightened emphasis on Europe is due to the growing regulatory pressure in the United States. The Securities and Exchange Commission (SEC) issued a Wells Notice to the company in May to warn of potential enforcement action.
Robinhood’s crypto listings and custodian services were the focus of the SEC’s investigation, as indicated in the filing. Potential securities violations were cited. Due to regulatory uncertainty, the organization had previously refrained from providing specific regional services, including crypto staking.
