Robinhood Crypto Launches Ethereum Staking for European Users
The cryptocurrency division of US-based brokerage firm Robinhood has expanded its services by launching Ethereum staking for customers in Europe.
On November 26, the company announced that European users can stake Ether to earn additional income. To incentivize participation, Robinhood Crypto offers a promotional 100% match on staking rewards for up to €10,000 per customer, available for a limited time.
Robinhood Competes with Binance and Kraken
With this new offering, Robinhood joins Binance and Kraken in providing staking services in Europe. The company initially entered the staking market in May with Solana staking services, allowing users to earn yields of up to 5% on staked assets.
European traders can now stake both SOL and ETH directly through the app, earning passive rewards for locking up their tokens to validate network transactions and enhance security.
Staking rewards may vary due to factors like network inflation, total cryptocurrencies staked, validators’ commission rates, and market conditions.
Johann Kerbrat, general manager and vice president of Robinhood Crypto, noted that digital asset staking is in high demand in Europe. He emphasized that Robinhood’s platform is designed with customer needs in mind, simplifying the staking process for newcomers to crypto.
Strengthening Engagement in Europe
Robinhood has tailored its platform for European users, launching localized app versions for Italy, Poland, and Lithuania alongside its first crypto staking services in May. This initiative aimed to enhance accessibility and navigation, responding to user feedback for local language support and products that generate passive income.
The firm also enhanced its educational resources, offering content focused on Bitcoin, USD Coin, and Avalanche to improve cryptocurrency knowledge among users.
Robinhood’s increased focus on Europe coincides with regulatory challenges in the United States. In May, the company received a Wells Notice from the Securities and Exchange Commission (SEC), indicating potential enforcement action regarding its crypto listings and custodian services, suggesting possible securities violations. Consequently, the company had previously refrained from offering certain services, including crypto staking, amid regulatory uncertainty.