8.6 C
New York
Monday, May 27, 2024
Home Challanger banks Revolut Adds Crypto Staking to its Banking Services

Revolut Adds Crypto Staking to its Banking Services

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.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.