Robinhood has launched its Ethereum (ETH) and Solana (SOL) staking services in the US

Source Cryptopolitan

Robinhood has launched its Ethereum (ETH) and Solana (SOL) staking services in the US. The feature, which was previously available to Robinhood’s European customers, now brings the ability to stake ETH and SOL directly through the platform for US users.

The staking process involves users locking their tokens to validate transactions and contribute to network security, then earning rewards. Rewards are distributed based on the respective network’s protocol rates, with Robinhood taking a share depending on the asset and processing structure.

According to the announcement, Robinhood users can begin staking with as little as $1. The rollout follows a prolonged wait due to regulatory uncertainty that previously kept the firm from offering these services domestically.

Robinhood staking process 

While staking Ethereum, customers can earn rewards between 50% to 100% of the protocol rate. The variation depends on the platform’s approach. It aggregates different user stakes to meet validator requirements. This allows smaller investors to take part in staking without needing to meet the full validator criteria themselves.

At the same time, Solana staking allows users to lock their SOL tokens in the network and receive staking rewards. Robinhood’s platform simplifies the process by handling all technical aspects. This makes it accessible to even novice crypto users.

While the new staking services are accessible, they have certain restrictions. In several states, including as California, Maryland, New Jersey, New York, and Wisconsin, Robinhood does not allow users to stake.

The platform has expressed its intentions to expand its crypto services. Robinhood acquired Bitstamp and WonderFi earlier this year to expand its operations in the crypto financial services realm.

Robinhood aligns with the US pro-crypto administration

Recent shifts in the regulatory landscape have made it easier for Robinhood to roll out staking features. The US has shown a lot of effort and progress in rolling out regulations in the crypto industry. Currently, two bills are in their final stage to the pro-crypto president, who will most likely sign them into law immediately.

Staking services are more clearly outlined in EU regulatory frameworks, especially under MiCA, than in the US. This gave Robinhood a leg up in the area before it launched in the US.

According to reports, Robinhood execs plan to launch a blockchain on Arbitrum. While some competitors charge higher fees for staking, Robinhood aims to give users a more straightforward, low-barrier entry into the staking world.

All stock and ETF tokens will be facilitated on the new blockchain based on Arbitrum, offering 24/7 trading and self-custody. The blockchain functionalities will also enable Robinhood users to receive payment dividends on the app. 

KEY Difference Wire: the secret tool crypto projects use to get guaranteed media coverage

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
WTI consolidates below $84.50, two-week top as bullish bias remains amid Hormuz standoffWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
Author  FXStreet
6 hours ago
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
placeholder
Australian Dollar gains as US Dollar struggles amid fading Fed rate hike betsAUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
Author  FXStreet
15 hours ago
AUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
placeholder
Gold Price Forecast: Gold May Break $4,500 as Fed Rate-Hike Expectations Continue to CoolAs of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains
Author  TradingKey
Yesterday 10: 10
As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains
placeholder
Gold gains momentum to near $4,400 as Fed hike expectations drop despite Us-Iran tensionsGold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike. 
Author  FXStreet
Yesterday 01: 18
Gold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike. 
placeholder
Copper Price Forecast: Tight Supply Pushes Price Above $14,000, Can Copper Reach $15,000?As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
Author  TradingKey
Aug 14, Fri
As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
goTop
quote