Revolut offers staking for Ether, Cardano, Polkadot, and Tezo

abdelaziz Fathi

British fintech and banking firm Revolut has introduced crypto staking — a practice of earning rewards for serving as a transaction validator in the Ethereum blockchain – to its UK and European Economic Area (EEA) customers.

Revolut

The process enables users to earn dividends or interest on their Ethereum, Cardano, Polkadot, and Tezo holdings just for depositing and holding the four tokens on the platform.

The London-based neobank posted on its website the service terms, including the payout, cadence and required minimum time to stake, noting that it will provide up to 11.65% annual percentage yield (APY). Ether rewards are currently locked, the company details, but yields will be distributed to retroactively once the Ethereum protocol has been updated.

Notably, staking positions can be exited at any time as there is no minimum withdrawal period. Yield rates, however, are subject to change and are largely dependent on fluctuations in the total amount of tokens locked up through staking on each given network.

Emil Urmanshin, crypto general manager at Revolut, says: “We want to enable users to do more with their crypto – with withdrawals and deposits, as well as earning interest on their crypto through Staking. Staking is the first milestone on our 2023 roadmap and we’re really excited to help users put their crypto to work and earn returns on their balances at Revolut.”

The staking process involves the users delegating their token holdings to those running the blockchain software in exchange for sharing some profit. The decision was taken in the context of huge interest from retail investors who were open to the idea of earning interest on their crypto assets.

Revolut has recently expanded its digital asset offering with the addition of 12 extra tokens as it seeks to build market share against crypto-native platforms.

Alongside the launch, the challenger bank has added a new currency to its ‘Learn & Earn’ courses, which launched in July and hit one million users just one month later.

Crypto Learn & Earn is a program offered by Revolut which allows eligible customers to learn about supported crypto assets by completing short lessons, and earn crypto rewards. The in-app courses have been created to help customers improve their knowledge of cryptocurrencies and related topics, including blockchains, and the most popular tokens and protocols.

The expansion of its crypto offering comes hot on the heels of introducing a new ‘spend from crypto’ feature, which converts users’ crypto balance into fiat money that can be spent to pay for everyday purchases.

Read this next

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.

Interviews

Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.

Interviews

Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”

<