Customers in the United Kingdom and the European Economic Area (EEA) may now participate in crypto staking thanks to the neo-banking platform Revolut, which is headquartered in the United Kingdom and claims to have 25 million users worldwide.
The staking function, which will enable users to make money on their cryptocurrency holdings while it is still in the "soft testing" phase, is likely to go online this week, according to a report published by a news agency located in London called AltFi.
At the moment, the staking function is accessible for the DOT token issued by Polkadot, the XTZ token issued by Tezos, the ADA token issued by Cardano, and the ETH token issued by Ether, with returns ranging from 2.99% to 11.65%. Nevertheless, these returns are not guaranteed in any way.
Staking is a method that is used in the realm of cryptocurrencies. This process involves a person holding or locking up a certain quantity of a certain digital asset in a wallet for a given length of time. This time period may range anywhere from several days to several months. This activity contributes to the network's overall security and verifies transactions on a blockchain that uses proof-of-stake. In exchange, people may choose to get freshly created coins or a portion of the costs associated with the transaction.
Revolut has, over the course of the last several years, been working to integrate cryptocurrency into its many businesses. It started providing crypto trading services in 2017, and these services have since grown to become an important source of income for the firm, especially with the launch of goods like crypto cashback for premium customers. Now, clients of Revolut have the ability to make purchases using their cryptocurrency holdings, and the company also allows trading for roughly one hundred other cryptocurrencies.
Revolut has also been providing free "Learn & Earn" courses on the fundamentals of cryptocurrency and blockchain technology, and rewarding users who complete the programme with free cryptocurrency. This is part of the company's effort to educate its customers on cryptocurrency and blockchain technology.
After being granted an extension to operate as a crypto asset firm with temporary registration in March 2022, Revolut joined the ranks of the other 37 companies that have been given permission to provide these services in the United Kingdom. The extension allows Revolut to remain in business until March 2022.