Robinhood Crypto Launches Solana Staking Product in Europe
Robinhood Crypto has introduced a new Solana-staking product in Europe, along with a bonus program for new customers. This move comes amidst regulatory challenges for the company in the US but has led to a surge in Solana’s price, surpassing the $150 mark and signaling a return of bullish momentum in the market.
Exciting Features for European Customers
Robinhood announced new features for its European customers, including staking, localized applications, and crypto rewards. The platform now offers its first crypto-staking product exclusively for European users, allowing them to stake their Solana holdings and earn rewards, with the flexibility to unstake their assets at any time.
- European customers can stake their Solana holdings and earn rewards
- Users have the ability to unstake their assets at any time
New customers are eligible to receive a 10% bonus on their net purchases within the first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative is aimed at attracting new users and enhancing their crypto investing experience.
Regulatory Challenges in the US
While expanding its offerings in Europe, Robinhood Crypto is facing regulatory hurdles in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating a potential enforcement action against the platform. Robinhood has expressed disappointment in the SEC’s decision and reiterated its efforts to seek regulatory clarity.
- The SEC has issued a Wells Notice to Robinhood
- Robinhood is disappointed in the SEC’s decision and seeks regulatory clarity
CEO Vlad Tenev disclosed that the company has engaged in numerous meetings with the SEC but has found them to be largely unsatisfactory. While Robinhood is willing to cooperate with the SEC, Tenev noted a lack of reciprocal efforts from the regulatory body.
SOL Price Surges Towards $200
Solana’s native token, SOL, has witnessed a significant price rebound, rising from the $140 range to $153. This movement is crucial for bullish investors who are eyeing a retest of the $200 level, previously exceeded back in March. SOL’s trading volume has also shown a notable increase, reaching $2.7 billion in the last 24 hours.
- SOL price surged from $140 to $153
- Trading volume reached $2.7 billion in the last 24 hours
According to crypto analyst Jesse Olson, Solana has exhibited strength in its recent price action, hitting both downside and upside targets. The price is forming a higher low, indicating a potential move towards the $175 mark. However, SOL faces resistance walls at $157 and $172, posing significant challenges for further price increases.
Solana Continues to Face Resistance
Despite the price surge, Solana’s bullish momentum remains uncertain as it confronts resistance levels at $157 and $172. The $140 line has served as a crucial support level for SOL in recent weeks. The cryptocurrency is striving to overcome these obstacles and retest its yearly high of $209.
Hot Take: Solana Staking and Regulatory Challenges Impact SOL Price
Robinhood Crypto’s launch of a Solana-staking product in Europe has sparked a bullish momentum for SOL, pushing its price past $150. While the company faces regulatory challenges in the US, the move to attract new customers with bonus rewards has been well-received in the market. SOL’s price surge towards $200 indicates strong investor interest in the cryptocurrency.
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