By:
DOT, XTZ, ADA, and ETH are currently eligible for staking, with rewards ranging from 2.99% to 11.65%.
Revolut, a global neo-banking platform with 25 million users, is situated in the UK and offers crypto staking to its customers in the UK and the European Economic Area (EEA).
The staking feature is anticipated to go live this week, allowing users to earn money on their crypto assets during its “soft testing” phase, according to a report from London-based news agency AltFi.
Currently, the staking option is accessible for the following coins: Ether ETH $1,643, Cardano ADA $0.390, Tezos XTX $1.18, Polkadot DOT $6.73. The yields range from 2.99% to 11.65%. These yields are not assured, though.
Staking is the practise of holding a defined amount of a particular digital asset in a wallet for an extended time, usually a few days to many months. On a proof-of-stake blockchain, this operation validates transactions and aids with network security. Individuals receive freshly minted coins or a portion of the transaction costs in exchange.
Cryptocurrencies have been incorporated into Revolut’s services during the past few years. It started providing cryptocurrency trading services in 2017. These services have since grown to be a substantial source of income for the business, especially with the launch of services like crypto cashback for premium users. Revolut allows users to buy things using their crypto holdings and facilitates trading for almost 100 crypto assets.
Revolut has also been providing free “Learn & Earn” classes on the fundamentals of these topics. These rewarding users complete the program with free crypto to educate its consumers on cryptocurrency and blockchain.
Revolut was reportedly added to the Financial Conduct Authority’s list of approved businesses providing cryptocurrency goods and services in September 2022, according to Cointelegraph.
Revolut was given an extension to operate as a crypto asset firm with temporary registration in March 2022, joining 37 other businesses that had already been given the go-ahead to provide such services in the U.K.
Reading More:
