Robinhood Launches Solana Transfers Amid ETF Hype, SOL Price to $200 Next?

News

Robinhood Launches Solana Transfers Amid ETF Hype, SOL Price to $200 Next?

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.

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.

The post Robinhood Launches Solana Transfers Amid ETF Hype, SOL Price to $200 Next? appeared first on CoinGape.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply