The cryptocurrency arm of brokerage agency Robinhood Markets Inc. HOOD introduced the launch of its first-ever cryptocurrency staking product, although the brand new service might be restricted to the European market.
What Occurred: The providing will cowl Solana SOL/USD, the fifth-largest cryptocurrency by market cap, Robinhood said in a weblog put up on Wednesday.
The brand new service would enable prospects to stake their SOL holdings utilizing the app, enabling them to earn yields whereas having the liberty to unstake their funds at any time.
Owing to the announcement, Solana’s whole worth locked jumped 9% within the final 24 hours, in response to information from DeFiLlama.
Robinhood Crypto permits customers to commerce well-liked cash similar to Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and others.
Why It Issues: The strategic foray was the primary by the buying and selling platform in its efforts to seize a slice of the increasing cryptocurrency staking business.
The worldwide staking market cap stood at $279.57 billion on the time of writing, in accordance to Staking Rewards Information. Solana’s staking market cap was value $60 billion, with about 64% of the eligible provide at present locked in staking companies.
Robinhood’s deal with the European market comes amid rising regulatory issues within the U.S., the place the corporate is headquartered. The corporate obtained slapped with a Wells Discover from the SEC earlier this month, over issues of securities legal guidelines violations. Earlier than that, it was subpoenaed by the regulator in February.
However regardless of these challenges, the agency reported a 3X rise in crypto volumes for the primary quarter.
Value Motion: On the time of writing, SOL was exchanging arms at $$163.23 following a 13.22% leap within the final 24 hours, in response to information from Benzinga Professional.
Photograph by way of Shutterstock
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