Revolut is a neo-banking platform located in the UK and has over 25 million customers worldwide. The latter has just introduced crypto-staking for British and European Economic Area (EEA) investors. Discover the report of this new project.
When will Revolut’s crypto-staking system be officially released?
AltFi, a London news agency, claims that the staking feature should go live this week. This will allow users to be able to generate income on their cryptographic assets. All this during this test phase.
Currently, staking can be found on Polkadot, Ether, ADA from Cardano, and XTX from Tezos. The yields of these solutions range from 2.99 to 11.65%. However, it is important to know that these are not guaranteed.
What is staking?
In cryptocurrency, staking appears as a process in which an individual owns or locks up a certain share of a digital asset. This must be kept in a wallet for a well-defined period. This can range from several days to several months. The purpose of this action is to validate transactions on a blockchain and secure the network.
Individuals in return receive newly minted coins, or any amount of operation fees. Revolut now offers cryptos among its services for the past few years. The structure started in 2017 with crypto trading which will become one of its biggest sources of income.
In order to educate its customers on cryptocurrency and blockchain, this structure also offered free “Learn & Earn” courses. Users who managed to complete the program received free crypto as a gift.
Thanks to its crypto-staking, Revolut is one of the companies authorized to offer crypto products and services to the Financial Conduct Authority. Which allows it to join 37 other companies that have obtained the green light from this organization regulating the cryptographic market in the United Kingdom.
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