Revolut, the digital banking service with over 25 million customers worldwide, is now offering crypto staking to its customers in the U.K. and European Economic Area (EEA).
This new addition to the company’s crypto services will support the staking of Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH) tokens.
Crypto Staking, explained
Crypto staking involves holders of a particular asset offering their tokens to support the blockchain’s running and maintenance. In return, the holder is rewarded with yields that can range from 2.99% to 11.65%.
Staking has gained popularity in the crypto industry recently, particularly since Ethereum, the largest blockchain supporting decentralized finance (DeFi), transitioned to a proof-of-stake model.
Revolut’s Crypto Services
Revolut has been offering crypto services since 2017 and has been gradually expanding its offerings over the years. From just buying and selling crypto, the bank has allowed its customers to transfer their assets to other wallets and platforms.
In October 2022, Revolut added the ability for customers to spend their crypto using a debit card on everyday purchases. In September 2022, Revolut received approval from the Financial Conduct Authority to offer crypto services.
CoinDesk reached out to Revolut for confirmation of this new offering, but no response was received by press time.
With the growing popularity of crypto staking, Revolut’s addition of this service to its offerings will provide a new way for its customers to earn rewards on their crypto assets.