The United Kingdom-based neo–banking platform Revolut which reportedly has 25 Million customers globally has introduced crypto staking for its UK and European Economic Area (EEA) customers. As per the reports from AltFi, the London –based news agency the staking feature would go live in the second week of February. As a result, would allow users to generate income on their crypto assets at the time of the “soft testing” phase of the concept.
Revolut started incorporating cryptocurrencies into its service spectrum. In 2017, it started offering crypto trading services which are its significant source of revenue. The major portion of its revenue comes from the products it introduces such as crypto cashback for premium users. Presently, Revolut offers trading services for about 100 different crypto assets and also allows users to make purchases using their respective crypto holdings.
Revolut has also partnered with about 37 other firms who have been granted permission to offer cryptocurrency services by UK authorities alongside, the reports from Cointelegraph state that in September 2022, the UK’s Financial Conduct Authority also added Revolut to its list of authorized companies that offer cryptocurrency products and services.
Presently, the staking feature is available for DOT, ADA, XTZ, and ETH which reportedly yields about 2.99% to 11.65%. Cryptocurrency staking refers to the process where an individual holds or locks a certain amount of digital assets in the wallet for the desired time period. Thus the idea of staking helps to improve the security of the network by allowing a Proof – of – stake blockchain. Also, the individuals who stake in the wallet are rewarded newly minted coins or shares from the transaction fee.