Robinhood Web3 Goes Live on Solana Network
Robinhood’s Web3 wallet has made a significant move by expanding to the Solana network. This allows users to self-custody Solana and other tokens through the Solana network using the Robinhood Wallet.
Johann Kerbrat, General Manager of Robinhood, announced the integration in a tweet on Tuesday, which was corroborated by the Solana official X account. Users can now hold Solana on the Robinhood Wallet and send and receive tokens on the Solana network.
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This expansion to the Solana network adds to the Web3 wallet’s existing support for networks such as Ethereum, Polygon, and Dogecoin. Robinhood’s collaboration with the Solana network indicates the platform’s commitment to expanding its presence in the crypto sector. Recently, Robinhood launched staking services on the Solana network, offering investors up to a 5% annual percentage yield.
In a strategic move, Robinhood acquired US-based exchange Bitstamp, which has enabled it to leverage Bitstamp’s license to serve clients in the US, UK, Europe, and Asia without regulatory hurdles. The announcement of Robinhood’s integration with Solana momentarily boosted the price of Solana before a broader market downturn. At the time of writing, Solana was trading at $146.
While Solana has experienced a decrease in user activity following the shift of memecoin hype to other networks, partnerships like the one with Robinhood and other macroeconomic factors indicate a potential price rebound. Technical analysis projects that the price of SOL could reach $200 in the near future.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
