Digital bank Revolut launches crypto staking for UK and EEA customers: Report

United Kingdom-based neo-banking level Revolut, which boasts 25 cardinal customers globally, has introduced crypto staking to its U.K. and European Economic Area (EEA) customers. 

According to a study by London-based quality bureau altfi, the staking diagnostic is expected to spell unrecorded this week, allowing users to make income connected their crypto assets during its "soft testing" phase.

At present, the staking diagnostic is disposable for Polkadot (DOT),  Tezos (XTZ),  Cardano (ADA), and Ether (ETH) crypto assets, with yields ranging from 2.99% to 11.65%. However, these yields are not guaranteed. 

In cryptocurrency, staking is simply a process wherever an idiosyncratic holds oregon locks up a definite magnitude of a circumstantial integer plus successful a wallet for a definite period, typically from respective days to respective months. This enactment helps unafraid the web and validates transactions connected a proof-of-stake blockchain. In instrumentality for participating successful staking, individuals are rewarded successful the signifier of recently minted coins oregon a stock of the transaction fees.

Over the past fewer years, Revolut has been incorporating cryptocurrencies into its services. In 2017, it began offering crypto trading services, which has since go a important root of gross for the company, peculiarly with the instauration of products similar crypto currency backmost for premium users. Today, Revolut offers trading for astir 100 antithetic crypto tokens and assets and besides enables its customers to marque purchases utilizing their crypto holdings.

In an effort to amended its customers connected crypto and blockchain, Revolut has besides been offering escaped "Learn & Earn" courses connected the basics of these topics, and rewarding users who implicit the programme with escaped crypto.

Related: German neobank N26 to motorboat crypto trading aboriginal this year

In September 2022, Cointelegraph reported that the U.K.'s Financial Conduct Authority (FCA) added Revolut to its database of authorized companies offering cryptocurrency products and services. 

Revolut joined 37 different firms that person been granted the greenish airy to connection specified services successful the U.K. aft being granted an hold to run arsenic a crypto plus steadfast with impermanent registration successful March 2022.