Robinhood Brings Solana Support to its Wallet

Robinhood now supports certain types of Solana transactions in its Web3 wallet.

What’s the Scoop?

• New Network: The Robinhood Wallet has added token swap and send/receive functionality for Solana native tokens, complementing existing support for Bitcoin, Ethereum, Arbitrum, Polygon, Optimism, Base, and Dogecoin transactions.
• No SOL: Despite Robinhood’s willingness to offer Solana support in its wallet and ongoing acceptance of Solana-native USDC transfers to the exchange, SOL remains delisted for the exchange’s American users.

Bankless Take:

While Robinhood unexpectedly curtailed Solana trading support in June 2023 after the SEC sent it a legal complaint alleging that SOL is a security, the firm is doubling down on efforts to provide onchain functionality for the network, potentially indicating that it perceives a growth opportunity in the ecosystem.

Unfortunately, SOL is likely to remain delisted from the Robinhood exchange for the foreseeable future, considering that recent reporting indicates the SEC denied pending spot SOL ETF applications on the grounds that it still believes the underlying token is a digital asset security.