Revolut has announced it will launch crypto staking for its customers in the UK and the European Economic Area. The neo-banking platform will start rolling out the crypto-staking feature this week.
Revolut is planning to launch crypto staking
A report by a London-based news publication noted that Revolut is expected to unveil the crypto staking feature this week. The launch will allow the users of the Revolut app to start earning income on their cryptocurrency holdings, as they will be eligible for returns during this feature’s “soft testing” phase.
Revolut will only limit the services to select cryptocurrencies in the initial stages of its crypto staking services. These assets include Polkadot (DOT), Cardano (ADA), Ether (ETH), and Tezos (XTZ). The yields generated from staking these crypto assets range from 11.65% to 2.99%. However, these yields are not guaranteed, as with most staking initiatives.
Revolut’s journey in the crypto industry
Revolut has been open to cryptocurrency projects in the past few years. This comes as more fintech companies seek ways of leveraging the growing popularity and use of crypto assets, with Visa recently testing how to accept payments in USDC.
The company initially rolled out crypto trading services in November 2017. At the time, the company only allowed users to buy and sell cryptocurrency. Revolut’s crypto services have played a major role in boosting the company’s revenues and supporting crypto cash back services that are eligible for premium users.
Revolut’s crypto service business has grown significantly over the years, with the platform now supporting trading for nearly 100 different cryptocurrencies. The app also allows users to buy assets using the crypto balance in their accounts.
Revolut has also been instrumental in educating its users about cryptocurrencies and blockchain. The platform has offered free courses to users to educate them about the sector. It also rewards the users who complete the courses with free cryptocurrencies. During the program’s first month, more than one million people took the course.
In September last year, the UK Financial Conduct Authority confirmed that Revolut was on the list of companies authorized by the regulatory body to provide cryptocurrency products and services.
The FCA has oversight over crypto services in the UK. Revolut joined the list of 37 other companies that have received approval to provide crypto-related services in the UK after getting an extension to provide crypto asset services through a temporary registration granted in March 2022.
Revolut is operating in one of the largest crypto hubs globally. A recent study classified London as the largest crypto hub globally in terms of crypto ownership and usage. The city also boasts many crypto businesses and a significant number of people working in the industry.
“Out of all the cities, London hosted the second highest number of crypto-related events and conferences throughout the year, helping attract and retain crypto companies,” the study said.
Moreover, the appointment of Rishi Sunak as the new UK Prime Minister raised confidence that crypto activities in the UK would be supported. Sunak had earlier said he had plans to transform the UK into a hub for crypto and blockchain activities. He also led the Royal Mint in creating its first non-fungible token (NFT).
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