Digital Bank Revolut Has Launched A Cryptocurrency Staking Service
- According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA).
- Revolut allows clients to trade roughly 100 different crypto assets and make purchases using their crypto holdings.
Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH) staking will be supported by Revolut, with interest rates ranging up to 11.65%.
According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut has around 25 million clients worldwide, with the majority of them residing in the United Kingdom and the European Economic Area. To begin, the London-based fintech company will support Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum staking (ETH). The interest rate will fluctuate between 2.99% and 11.65%.
Staking is the “senior” phrase in the cryptocurrency world. In a word, staking is the process of locking up one’s assets, therefore making the network more secure and decentralized, in exchange for a payment in the form of passive income for the staker. The staking space has received a lot of new impetus in recent months, thanks to Ethereum’s transition to a Proof-of-Stake paradigm.
Since 2017, Revolut has been incorporating cryptocurrency into its service system and has increasingly pushed it. In 2021, the bank expanded its crypto trading services to let users move assets to other wallets and platforms.
By October 2022, Revolut clients will be able to pay for daily purchases with cryptocurrency using debit cards. Since September of the same year, the Financial Conduct Authority has approved these services. Revolut has been adding cryptocurrency into its services over the last few years. It began selling crypto trading services in 2017, which have since been a substantial source of revenue for the firm, especially with the launch of goods such as crypto cashback for premium customers. Revolut now allows consumers to trade almost 100 different crypto assets and make purchases with their crypto holdings.
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