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

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

<