Robinhood Crypto has announced the launch of Solana (SOL) staking for its European users, offering a 5% annual percentage yield (APY) on staked tokens. This move comes as the cryptocurrency market experiences a downturn, with Solana's price displaying bearish trends.

Despite this, Robinhood remains committed to expanding its cryptocurrency offerings in Europe, driven by growing demand and user feedback. The introduction of Solana staking is a significant step in this direction, allowing European investors to earn passive income through the platform.

New customers can enjoy a 10% reward on all purchases made within the first 30 days, and users can stake their SOL assets via the Robinhood app to earn prizes. The trading platform will pay bonuses in USD Coin (USDC) stablecoins, providing an additional incentive for investors. With Solana emerging as a popular digital token in Europe, Robinhood's move is likely to resonate with investors seeking more passive income opportunities.

The company plans to introduce localized versions of the trading app in Lithuania, Poland, and Italy, underscoring the growing popularity of the investment application in these regions.In contrast, Robinhood US delisted Solana alongside Cardano and Polygon in 2023, citing strict regulations in the United States. Despite this, the European branch is embracing Solana, offering a unique opportunity for investors in the region.

As the cryptocurrency market continues to evolve, Robinhood's introduction of Solana staking is a significant development that is likely to impact the investment landscape in Europe.