- Revolut will offer cryptocurrency staking to UK and EU consumers (EEA)
- Polkadot, Tezos, Cardano, and Ethereum can be staked on Revolut
- Revolut has over 25 million members worldwide
According to a report from the financial technology website AltFi, the digital banking service Revolut will offer cryptocurrency staking to consumers in the United Kingdom and European Economic Area (EEA).
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Revolut, the London-based financial technology company, will allow the staking of Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH) coins (ETH). The yields on the assets vary, ranging from 2.99% to 11.65%.
The service will be launched this week by Revolut, which has over 25 million members worldwide, including a large majority of them based in the European Economic Area and the UK.
In October 2022, Revolut released a function letting consumers spend their cryptocurrency using a debit card for everyday purchases. In September, it got clearance from the Financial Conduct Authority to sell crypto services.
In crypto staking, owners of a particular asset stake their tokens to support the operation and maintenance of a blockchain in exchange for a payout. Since Ethereum migrated to a proof-of-stake paradigm, staking has gained new relevance in the cryptocurrency sector.
Blockchains using proof-of-stake require far less energy, are cheaper to operate, and are more scalable than blockchains using proof-of-work. Since 2017, Revolut has offered crypto services, gradually expanding its offers over time.
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