Robinhood Introduces ETH and SOL Staking to U.S. Clients

American fintech firm Robinhood has enabled crypto staking for ETH and SOL for its U.S. customers. The company’s CEO, Vlad Tenev, announced the latest development at an event in Cannes, France.

Aside from crypto staking, the fintech company will also offer services such as tokenized U.S. stocks and exchange-traded funds (ETFs).

Robinhood Introduces Crypto Staking

Robinhood’s foray into crypto staking will allow U.S. investors to earn rewards within the app. Later this year, its credit card will offer crypto rewards, enabling users to automatically invest cashback in digital assets, further expanding its crypto services and user engagement.

The firm’s decision comes a month after the Securities and Exchange Commission (SEC) stated that proceeds from crypto staking does not qualify as securities. Before then, the securities regulator denounced staking. As a result, crypto exchanges refrained from offering the service to customers. However, the shift in regulatory stance moved platforms like Coinbase and Kraken to resume staking in the U.S.

By introducing staking to its U.S. clients, Robinhood has joined crypto exchanges issuing the service to customers.

Robinhood Expands Services

By expanding its services to tokenized assets, the American fintech firm aims to eliminate intermediaries that charge Europeans high fees for accessing U.S. assets. Its new feature adopts a zero-commission trading model, with only a 0.1% foreign-exchange fee, according to Robinhood Crypto’s Seong Seog Lee. This approach seeks to make U.S. assets more accessible and affordable for European users, reducing costs and increasing market efficiency.

The fintech firm plans to offer European customers access to over 200 tokenized U.S. stocks and ETFs, with stock token holders eligible to receive dividend payments directly within the app.

Robinhood’s CEO, Vlad Tenev, stated that tokenized stocks will initially launch on Arbitrum, with plans to transition to Robinhood’s own Arbitrum-based L2 blockchain, optimized for 24/7 trading and self-custody. The adoption of Arbitrum propelled the blockchain’s on-chain metrics to notable height.

The public company introduced micro futures contracts for Bitcoin (BTC), Solana (SOL), and XRP on June 27, enabling traders to trade derivatives with reduced capital requirements.

Interestingly, these new features have had a positive impact on the price of Robinhood’s stock, HOOD. According to Google Finance, it sold for $93.63 at press time, representing a 12.77% increase in the past 24 hours.

The post Robinhood Introduces ETH and SOL Staking to U.S. Clients appeared first on Cointab.