California-based trading platform Robinhood has added Solana to the list of chains supported by its Web3 wallet.
The Web3 wallet of the trading platform Robinhood has recorded a notable breakthrough after expanding to the Solana network. Users can now wield the Robinhood Wallet to self-custody Solana and other tokens through the Solana network.
Robinhood’s General Manager, Johann Kerbrat, announced the new development in a tweet on Tuesday, with the Solana official X account corroborating the announcement. Kerbrat stated that the integration allowed users to hold Solana on the Robinhood Wallet as well as send and receive tokens on Solana.
The Solana network becomes the latest network to receive support from the Web3 wallet. The wallet already provides support for networks like Ethereum, Polygon, and Dogecoin.
Robinhood Continues Expansion
The Solana expansion is part of the California-based platform’s solid collaboration with the Solana network and its quest to expand its reach in the crypto sector. The Crypto Basic reported that Robinhood recently launched its first-ever staking services on the Solana network, giving investors up to a 5% annual percentage yield.
Robinhood’s push for relevance also saw it acquire US-based exchange Bitstamp. The takeover meant Robinhood could use its license to service clients in the US, UK, Europe, and Asia without regulatory encroachments.
Bullish for Solana?
Solana’s price rose slightly after the Robinhood announcement before falling late Tuesday due to a broader market capitulation. At the time of writing, the asset traded at $146.
The fifth-largest cryptocurrency by market cap has seen a dwindling user influx as the memecoin hype on its blockchain has shifted to other networks. Daily transaction fees on the Solana network dropped to a level last seen in May.
However, Solana remains on course as partnerships like that seen on Tuesday and other macroeconomics point to a price rebound. Technical analysis has tipped SOL price to reach $200 soon.
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