London-headquartered digital bank Revolut is introducing crypto staking for customers in the UK and in the European Economic Area (EEA).
According to AltFi, the new product is rolling out this week and it will allow customers to be earn additional revenue from crypto assets while the product is in ‘soft testing’ phase.
Revolut claims to have 25 million customers around the world. The neo-banking challenger first introduced cryptocurrencies to its offering in November 2017. Since then, crypto has become an important contributor to the bank’s revenue.
The digital bank now offers nearly 100 different cryptocurrencies. However, staking will be initially limited to the Polkadot (DOT), Ethereum (ETH), Tezos (XTZ), and Cardano (ADA). Yields are said to range from 11.65% to 2.99% but not guaranteed.
Crypto staking
Crypto staking is when the holder of a cryptocurrency, who keeps it in a wallet, lends their assets, for a certain period of time, ranging from several days to several months, to help support the security and operation of a blockchain network.
The staker receives additional profit in the form of interest in return.
Meanwhile, Revolut gained a CySEC approval to offer crypto services in Europe in August last year.
