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The digital bank Revolut has launched a crypto staking feature for its users based in the United Kingdom (UK) and the European Economic Area (EEA).
Crypto Staking Soft Launch
UK and EEA-based customers will now be able to avail of the crypto staking services on the neo-banking platform, Revolut. The news was recently published by London-based news agency, AltFi, which claimed that the staking feature would go live this week and allow users based in the soft launch area to earn revenue on their crypto assets during the feature’s soft testing phase. In the initial phase, the feature will be made available for specific cryptocurrencies - Polkadot’s DOT, Tezos’s XTX, Cardano’s ADA, and Ethereum’s ETH. The feature is expected to generate yields ranging from 2.99% to 11.65%.
What Is Staking?
For many investors, staking crypto is a highly profitable mode of earning passive income. In this process, the investor is rewarded financially for locking up their digital asset in the blockchain wallet for a certain period. This ensures optimal performance of the blockchain network by securing it, minting new blocks, and validating transactions on the Proof-of-Stake blockchain. In return, the token holders are rewarded with newly minted coins or a predetermined percentage of the transaction fees.
Revolut And Crypto
The UK-based digital bank has already amassed a global customer base of 25 million. Over the years, it has been expanding its range of crypto products and services to offer varied functionalities in the Web3 space to its customers. The platform first started offering crypto trading services back in November 2017, much before the pandemic-led crypto boom hiked up prices. As of the time of writing, the platform offers trading services for almost 100 different crypto assets. It also allows users to make purchases using their crypto wallets. Furthermore, Revolut has also created a learning program called “Learn & Earn” that offers free courses on blockchain and cryptocurrency, with the caveat that whoever completed the course would earn crypto rewards. Over 1 million users have completed the program in just the first month of its launch.
Like all other crypto firms, Revolut had also been affected by the crypto winter of 2022, with its crypto revenue stream drying up considerably. Reportedly, the fintech is also close to finalizing its long-overdue 2021 financial accounts, which could help it obtain the much-coveted UK banking license.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.