Revolut launches its latest crypto feature, Staking, in the UK and EEA, and makes another step forward towards its mission to build the first super app for all-things-money.
The new feature unlocks additional benefits for customers investing in crypto with Revolut, with the ability to earn rewards for specific tokens (Ethereum, Cardano, Polkadot, and Tezos). The rewards are granted in the native token. Customers can either stake their existing crypto balances for these tokens or buy and then stake the balance of one or more of the four tokens. The reward is based on the balance they staked. The payout, cadence and required minimum time to stake varies by token with customers able to earn up to 11.65% APY .
The advantage of staking with Revolut is the frictionless and intuitive process - customers can lock eligible crypto tokens in a few steps. Depending on the token, they can continue staking and earning rewards or unstake their balance and hold, freely spend, transfer or sell their assets. As with all things crypto on Revolut, staking is not only easy but also secure; funds are held with trusted custodians.
Emil Urmanshin, Crypto General Manager at Revolut, said: “In 2023, Revolut's ambition is to double down on our efforts in 2022, with more product launches and international expansion. In addition to continuous improvements of existing crypto products, this year we want to enable users to do more with their crypto - such 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”.
Staking (or proof of stake) is a form of network participation since stakers form an essential part of the mechanics that secure the blockchains and allow them to operate. While staking, the users support the network in the same way as mining, and the participants are rewarded for securing the blockchain.
Revolut Ltd, a company established in the United Kingdom, offers a wide range of financial products through its financial super app, and crypto is an increasingly popular feature. There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy feature to average out volatility. Customers can also round up any spare change in a cryptocurrency of their choice, from a list of close to 100 cryptocurrencies. In 2022, the number of cryptocurrencies available to Revolut customers increased by 9x times compared to the beginning of 2021.
