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Revolut Digital Bank Offers Crypto Staking to UK and EEA Customers: Report
Feb, 08 2023
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Revolut, the UK-based neo-bank with a customer base of 25 million worldwide, has rolled out crypto staking for its customers in the United Kingdom and the European Economic Area (EEA). Customers can now stake DOT, XTZ, ADA, and ETH with yields ranging from 2.99% to 11.65%.
Crypto staking is a process where token holders provide their assets to maintain and support a blockchain network, and in return, they receive rewards. The popularity of staking has increased in the cryptocurrency industry recently, especially after Ethereum, the leading DeFi blockchain, switched to a proof-of-stake model. Proof-of-stake blockchains have several advantages, such as lower energy consumption, cost-effectiveness, and better scalability, compared to the traditional proof-of-work mechanism.
According to a statement from Revolut, a bank representative said, “The rewards are granted in the native token and customers can either stake their existing crypto balances for these tokens or buy and then stake the balance of one or more of the four tokens. The reward is based on the balance they staked. The payout, cadence and required minimum time to stake varies by token with customers able to earn up to 11.65% APY.”
Benefits of Revolut's crypto stake:
• Offers a frictionless and intuitive staking process for customers
• Allows customers to lock eligible crypto tokens with ease
• Supports the blockchain network through staking, and rewards participants for their contribution
• Potential to earn rewards and have flexible control over assets (hold, spend, transfer, or sell)
The crypto staking is part of Revolut's 2023 roadmap, which includes product launches and international expansion, as well as innovation on existing crypto products.
Revolut has a robust reputation for innovative security and has doubled the number of listed tokens available to trade, launched new products, and received crypto authorizations from regulators in various countries.
Emil Urmanshin, Crypto General Manager at Revolut, stated that the company's ambition is to help users put their crypto to work and earn returns on their balances through staking.
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Pavan A
CBW - External Analyst
INDIA
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