Revolut launches cryptocurrency staking for UK and European customers
Stacking is currently available for ETH, XTZ, ADA and DOT
British banking platform Revolut, which boasts 25 million customers worldwide, has just launched cryptocurrency staking for its UK and European Economic Area (EEA) customers.
Revolut expands its activities in the area of cryptocurrencies
According to a report by London-based news agency AltFi, the staking feature is set to go live this week, allowing users to generate income from their cryptocurrency assets during the "soft testing" phase.
Currently, the staking feature is expected to be available for ETH Ether, XTX Tezos, ADA Cardano and DOT Polkadot. The interest rates on individual digital assets range from 2.99% to even 11.65%. However, they are not guaranteed by the Revolut platform.
In the cryptocurrency space, staking is the process where a person holds or locks a certain amount of a specific digital asset in a wallet for a certain period of time. Usually this time interval lasts from several days to several months. This action helps secure network security and validates transactions on the proof-of-stake blockchain. In return, users receive newly minted coins or a share of transaction fees.
Over the past few years, Revolut has incorporated cryptocurrencies into its services. In 2017, it began offering cryptocurrency trading services, which have since become a significant source of revenue for the company, especially after introducing products such as cryptocurrency cashback for premium users.
Currently, Revolut offers trading for almost 100 different digital currencies and also allows its customers to make purchases using their cryptocurrency assets.