According to a report by financial technology newspaper AltFi, digital banking firm Revolut is beginning to offer crypto staking to customers in the U.K. and European Economic Area (EEA).
AltiFi added that Revolut is launching the service this week. The Company has about 25 million members worldwide, most of whom are in the U.K. and the European Economic Area (EEA).
The London-based fintech will provide initial support for staking for the tokens of Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH). The assets’ yields range from 2.99% to 11.65%; however, they’re variable.
In crypto, Staking is the process of holding a defined amount of a particular digital asset in a wallet for an extended period, usually a few days to many months. On a proof-of-stake blockchain, this operation validates transactions and aids with network security. Individuals participating in staking are rewarded with newly created coins or a portion of the transaction fees.
Revolut links banks and crypto
The online UK bank provider has been dabbling in cryptocurrencies for more than 4 years. When it offered Bitcoin, Ethereum, and Litecoin for trading in 2017, the company’s experience with cryptocurrencies officially began. Months later, the online bank provider increased the number of coins it accepts by including XRP and Bitcoin Cash.
Since then, this service has grown to be a substantial source of income for the Company, especially with the launch of services like crypto cash back for premium users.
Revolut was added to the U.K. Financial Conduct Authority (FCA) list of permitted firms providing cryptocurrency products and services in September 2022.
Revolut was given an extension to operate as a crypto asset firm with temporary registration in March 2022, joining 37 other businesses that had already been given the go-ahead to provide such services in the U.K.