Revolut is back with another crypto update.
Challenger bank Revolut announced the launch of its crypto staking service for a variety of proof-of-stake (PoS) tokens: Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTz).
Staking is the process by which users can deposit PoS-based tokens to a blockchain in order to help secure the network. Staking on Ethereum, for example, requires users to deposit 32 Ethereum to join. There are also alternative services that let users earn rewards for staking less, like Lido Finance and Rocket Pool.
Revout says users can earn up to 11.65% return in crypto rewards on certain tokens, though this varies and is subject to change depending on the token staked.
Pokadot, for example, offers the highest available yield, while Cardano offers the lowest at 2.79%. Ethereum and Tezos sit somewhere in the middle at 3.88% and 4.59%, respectively.
The new service will only be available in the UK and in select EEA markets initially.
Revolut told Decrypt it intends to make more cryptocurrencies available for staking but didn’t say exactly which tokens or what countries are next on the list for expanding the service.
Revolut betting on crypto
Revolut is one of Europe's most valuable fintech firms, claiming over 25 million users worldwide, and it was valued at $33 billion in its latest funding round in July 2021.
The London-based company launched its first crypto offering back in December 2017, letting users buy, sell, and trade 25 of the most popular cryptocurrencies.
Besides staking, the firm has also had its eyes on a new token launch, too.
Revolut is also currently “assessing the best time” to launch its native cryptocurrency—known as RevCoin—this year.
A spokesperson for the challenger bank told Decrypt via email that it is currently “scoping the market conditions and assessing the best time to launch RevCoin in the coming months."
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