The company will let customers stake in New York and plans to expand across the country. “We’re proud of the momentum we’ve seen with staking and especially excited that staking is now available to customers in New York, which has one of the most rigorous regulatory frameworks in the country,” wrote Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, in a note to Fortune.
Staking has been part of the crypto universe for nearly a decade, rewarding users who lock up a stash of tokens in order to help operate a blockchain network. But uncertainty over its legal status has meant it has been mostly experienced crypto users who have engaged in it using their own wallets.
“These crypto enhancements are strategic chess moves positioning Robinhood for the anticipated transformation of financial infrastructure through blockchain technology and tokenization—particularly with the regulatory clarity we expect under the current administration,” said Caydee Blankenship, senior equity research analyst at CFRA Research.
Robinhood also announced a push into global crypto markets. In Europe, it will add perpetual futures contracts on several coins, and it will also enter the Indonesian market, as it agreed to buy a brokerage and crypto platform in the country.
