Robinhood’s European crypto branch launched Solana staking.

The feature will offer roughly 5% APY at launch, though that could vary as staking rewards change, Robinhood Crypto general manager Johann Kerbrat told Blockworks in an interview. 

This puts Robinhood Crypto a tick below Coinbase, which offers an estimated reward of 5.42% for Solana stakers. The Phantom wallet offers Solana staking with an APY as high as 7.58%.

The firm chose Solana for its first staking product because SOL’s one of the most popular tokens among its EU customers, and staking on Solana is simpler than on Ethereum, Kerbrat said.

Read more: Robinhood’s crypto trade volume rose 10% in February

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