Digital Bank Revolut to Offer Crypto Staking: Report
Digital banking service Revolut is starting to offer crypto staking to customers in the U.K. and European Economic Area (EEA), according to a report by financial technology publication AltFi.
Revolut, which has around 25 million customers worldwide, the vast majority of whom are in the U.K. and EEA, is rolling out the service this week, AltFi said. At first, the London-based fintech will support staking of the tokens of Polkadot (DOT), Tezos (XTZ), Cardano (ADA) and Ethereum (ETH). Yields on the assets range from 2.99% up to 11.65%, though these are variable.
Crypto staking involves holders of a particular asset offering their tokens to help support the running and maintenance of a blockchain, receiving a reward in return. It has attained newfound prominence in the crypto industry in recent months since Etherium, the world's second largest cryptocurrency by market cap, transitioned to a proof-of-stake model. Compared with a proof-of-work mechanism, proof-of-stake blockchains require far less energy and are cheaper to operate and more scalable.
Revolut has been offering crypto services since 2017, gradually stepping up its offering over time. From solely providing buying and selling of crypto, the bank started allowing customers to transfer their assets to wallets and platforms elsewhere in 2021. In October last year, Revolut added a feature allowing customers to spend their crypto on everyday purchases using a debit card. It received approval to offer crypto services from the Financial Conduct Authority in September.
CoinDesk contacted Revolut for confirmation of the story, but none was provided by press time.