Robinhood Wallet Expands Crypto Offerings With Solana Support

Robinhood Wallet has expanded its cryptocurrency offerings by integrating Solana, allowing users to self-custody SOL and conduct transactions on the Solana blockchain. Robinhood Wallet is a Web3 self-custody wallet.

“Super excited to announce that the Solana network is now live on Robinhood Wallet!” Johann Kerbrat, General Manager of Robinhood Crypto, wrote in a post on 27 August 2024, on X. He added that users can send and receive tokens over the Solana blockchain starting today.

The move comes as Robinhood continues to enhance its Web3 wallet by incorporating a wider range of blockchains and digital assets. The platform has previously integrated Ethereum, Polygon, and Bitcoin.

Super excited to announce that the Solana network is now live on Robinhood Wallet!
Starting today, you can self-custody @solana tokens and send + receive over the Solana blockchain.

— Johann Kerbrat (@JohannKerbrat) August 27, 2024

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Solana Remains Delisted From Robinhood

Despite the new support for Solana in the Robinhood Wallet, the token remains delisted for American users on the Robinhood exchange. The delisting occurred in June 2023 after the Securities and Exchange Commission (SEC) labeled SOL as a security.

At the time, the SEC argued that several tokens listed by exchanges like Binance and Coinbase are unregistered securities. The claim came as part of the regulator’s legal action against the two major digital asset trading platforms.

The tokens mentioned by the SEC included Binance’s native token BNB, Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS, and Coti’s COTI tokens.

Aside from Robinhood, other crypto platforms have also decided to stop offering these tokens in the US. For one, Revolut, a prominent UK-based fintech app, has stopped offering Solana, Cardano (ADA), and Polygon (MATIC) tokens for customers in the country.

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Robinhood Sees Surge In Q1 Crypto Volume

Robinhood saw a significant boost in cryptocurrency trading volumes during the first quarter, with a remarkable 224% increase, pushing total trading to $36 billion.

The surge also provided a boost to the company’s transaction-based revenue by 59% year-over-year, reaching $329 million. Notably, revenue generated from crypto-related activities skyrocketed by 232% to $126 million.

The increase in crypto trading on Robinhood’s platform aligns with trends seen across the industry, as other major players like Coinbase also reported strong first-quarter results, driven by improved conditions in the crypto market.

However, Robinhood’s success in the crypto space comes amid regulatory scrutiny. Earlier this year, the company disclosed it had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) related to its crypto division.

Meanwhile, Robinhood has resumed its push into the cryptocurrency sector with several strategic acquisitions. Earlier this year, the company acquired the crypto exchange Bitstamp, using its licensing to offer crypto futures in the U.S. and Europe.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.