In a bid to address the needs of its growing customer base, commission-free brokerage Robinhood has initiated transfers for Solana (SOL). This move is significant for both Robinhood and Solana, as the flexibility in handling SOL can bring value to both ecosystems.
Robinhood Solana Transfer, the Major Catch
For Robinhood that operates a somewhat closed system, activating transfers for Solana is a major validation. As the brokerage revealed, this option is only available to its users in the EU. Now, customers of the platform can now withdraw and deposit Solana and earn with a 1% reward.
Crypto transfers for $SOL are now available on Robinhood Crypto!
Withdraw & Deposit #SOL, and earn with a 1% deposit rewards bonus on the app (valid until 30 November) .
Terms apply. Get started: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
Robinhood Crypto has made several moves to expand its services over the past year. Last week, the platform launched Bitcoin and Ethereum Futures trading. This product helped it match up with some of its counterparts including Coinbase, Binance and Bybit with similar products.
Additionally, the community’s conversations around a stablecoin for the company has grown in the past months. While the firm has not officially announced plans for a stablecoin yet, many believes this move is inevitable. With Ripple pushing for RLUSD stablecoin, and Paypal issuing PYUSD, it becomes natural for Robinhood to explore this payments niche.
Another major catch with the new product launch is the regulatory strain governing the operations of the exchange. After receiving a Wells Notice from the United States Securities and Exchange Commission (SEC), Robinhood has now concentrated its efforts to serving more offshore markets.
Before the Solana activation, Robinhood Crypto launched transfer service for 24 coins earlier this month.
Solana ETF Hype, SOL Price Uptick Underway
The Robinhood offering comes at a time when conversations around a Solana ETF is growing. Entities like VanEck and 21Shares have made a move to launch the product in US market. While the chances of a SOL ETF remains limited per expert’s projection under the current administration, there are advances in other regions.
For instance, Brazil has launched its first Solana ETF with Canada making a similar move in this regard. Earlier today, VanEck announced that it has launched staking service for its Solana ETP in the EU.
All these positive sentiment around the cryptocurrency has helped ignite the sentiment around price. As of writing, the coin is up 2.83% to $163.43. It has traded within two extremes in the past 24 hours from a low of $159.05 to a high of $171.43.
With the Robinhood allowance, its growing memecoin ecosystem and ETF hype, it remains to be seen if SOL price will finally breach the $200 level this month.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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