On Tuesday, Robinhood announced that it is expanding its crypto offerings, adding support for the Solana network in the company’s Web3 wallet. Now, users will be able to send, receive, and custody Solana tokens in the wallet, increasing the utility of the app.
Johann Kerbrat, Robinhood’s crypto general manager, made the announcement on X, writing, “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.” The official X account of Solana corroborated the announcement with its own post.
According to a Robinhood support article, the wallet already supports seven other networks: Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. The wallet, which opened in beta mode in 2022, comes as the crypto self-custody solutions war has heating up. Many major exchanges offer an option, along with other players like MetaMask, Rainbow, and Phantom.
SOL, the native token of the Solana network, has had a big year. After falling to less than $10 per coin in 2022, it has rebounded to over $100 in 2024. Today, the token is worth $133 at the time of this writing, falling 9% in the last 24 hours as the crypto market suffers a price correction.
Solana Rebounds in 2023-2024
Solana, once called the Ethereum killer, has become one of the top ecosystems in 2024 due to a boom in memecoins, gaming, and NFTs on the network. With lightning fast speeds and small transaction costs, Solana has captured the hearts (and wallets) of retail traders. That’s a far cry from a chain that many left for dead after FTX collapsed in 2022.
Among the recent big stories about Solana are:
- SOL Rises After VanEck Files for Solana ETF with SEC
- APhone Partners with Solana Mobile for NFT Initiative
- $100M Raised in Three Days for Solana Memecoin Sales
- Solana Gaming Project MixMob Acquires Stormtroopers IP
- Solana NFT Sales Eclipse Ethereum in December
Robinhood adding support for Solana is another win for the ecosystem, and may signal a shift from the U.S.-based brokerage and cryptocurrency solutions provider. After all, it was just last year that the company banned SOL (and some other coins) from its brokerage after the SEC labeled it a security. There is demand for Solana, that much is clear.
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