Revolut, one of Europe’s leading neo-banking platforms, is introducing cryptocurrency staking to allow its users in the United Kingdom and the European Economic Area (EEA) to earn income on their crypto assets.
Revolut Users to Begin Staking Crypto
Revolut, a popular neo-bank offering crypto trading since 2017, is preparing to launch a crypto staking option for its users. The London-based digital banking service provider has been expanding its crypto offerings over the years.
According to reports, Revolut will launch its crypto-staking service for users in the UK and EEA sometime this week. The London-based bank currently has over 25 million customers, most of whom are residents of the UK and EEA regions.
While the launch is only being revealed, Revolut has been working on the feature for a while now. A Revolut app user, Gordon Gekko, shared:
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It appears the ability to ‘stake’ certain cryptocurrencies has quietly been added to the @RevolutApp. Head to the crypto section – then click on ‘Invest’. The staking section and terms can be found there. pic.twitter.com/rQ779e8rxx
— Gordon Gekko (@ownsomeshares) February 3, 2023
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Revolut Embraces Crypto Staking
Revolut currently allows users to purchase over 100 different crypto assets. However, Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH) will be the first cryptos available for staking.
Users could generate yields ranging from 2.99% up to 11.65% by staking their crypto on Revolut. Crypto staking involves lending your crypto for a certain period to help support the security of a blockchain network in return for rewards.
The crypto community welcomed the launch, which encourages the continuous expansion of crypto services. Popular crypto trader @TradedogCrypto writes:
Exciting news!
@RevolutApp just launched crypto staking for UK & EEA customers. Get ready to earn rewards on your digital assets and take control of your financial future. #crypto #staking #digitalbanking
— TradeDog | Crypto Market Research (@TradedogCrypto) February 7, 2023
On the Flipside
- Revolut is also expanding its banking services, offering Irish bank account details to customers in Ireland within the next few months.
Why You Should Care
Revolut continues to make crypto a core part of its growth strategy as it explores more ways to involve users in the use of digital assets.
Read more on the expanding crypto services of Revolut in:
Revolut to Launch Native Crypto RevCoin in Coming Months
Revolut Launches Crypto Card with Cashback in Dogecoin (DOGE)