Revolut To Offer High Yield Staking in UK and EEA

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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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.