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Revolut, a
London-headquartered challenger bank, has launched a cryptocurrency
staking service for the European Economic Area (EEA) and UK customers,
according to the report from AltFi.
Revolut to Roll Out Crypto
Staking
So far, the
product has only reached a limited number of users, but its full debut is
expected this week. While customers will be able to earn additional revenue
from staking the most popular cryptocurrencies, the service will remain in a
‘soft test’ phase.
Revolut,
which claims to have 25 million users worldwide, first introduced
cryptocurrencies to its offering during the 2017 bull market peak. Since then,
they have become an essential part of the revenue generated by the neobank, and
the company is considering launching its own cryptocurrency.
According
to AltFi, the staking of cryptocurrencies, of which Revolut has nearly 100 on
offer, will initially be limited to four tokens, including Polkadot (DOT),
Ethereum (ETH), Cardano (ADA) and Tezos (XTZ). Yields are said to range from
2.99% to 11.65% per annum but are not guaranteed.
In the
digital asset market, a staking service involves locking up a certain amount of
cryptocurrency in a wallet. It can range from a few days to even a few months,
helping to secure the network and validate transactions as part of a proof-of-stake
consensus. In return, the staker receives an additional profit in the form of
interest. Staking can be…
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