Revolut Launches Crypto Staking, Soft Launch Begins In UK And EEA: Report

Neo-banking company Revolut has introduced cryptocurrency staking in the UK and the European Economic Area through a soft launch, AltFi reported.

What Happened: The full launch will start this week, allowing users to earn income on their crypto assets while the product was in soft testing.

Revolut, which stated it had 25 million customers, had been expanding its crypto offerings over the years, starting with trading in November 2017 and now offering almost 100 different crypto assets and the ability to make purchases using crypto balances.

Also Read: Binance To Temporarily Suspend USD Bank Transfers: Here's When It Takes Effect

The company also offered free blockchain and crypto courses, with more than 1 million users who completed the program in its first month.

The initial staking options were limited to Polkadot DOT/USD, Tezos XTZ/USD, Cardano ADA/USD, and Ethereum ETH/USD with yields ranging from 11.65% to 2.99%.

These yields are not guaranteed.

What Staking Is About: Crypto staking was when a cryptocurrency holder lent their assets for a certain period to support the security and operation of a blockchain network.

In return, the staker earned rewards in the form of newly minted tokens or a portion of transaction fees, helping secure the network.

Staking was enabled through a consensus mechanism called Proof of Stake.

Photo: Ascannio via Shutterstock