Revolut Launches Crypto Staking For Ethereum
Revolut has released another cryptocurrency update. Revolut, a challenger bank, announced the launch of its crypto staking service for several proof-of-stake (PoS) tokens, including Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTz).
Staking is the process of depositing PoS-based tokens to a blockchain to help secure the network. To participate in Ethereum staking, for example, users must deposit 32 Ethereum. Alternative services, such as Lido Finance and Rocket Pool, allow users to earn rewards for staking less.
Users can earn up to 11.65% in crypto rewards on certain tokens, according to Revout, though this varies and is subject to change depending on the token staked.
Pokadot, for example, has the highest available yield (2.79%), while Cardano has the lowest (2.79%). Tezos and Ethereum are in the middle, with 3.88% and 4.59%, respectively.
Initially, the new service will be available only in the United Kingdom and select EEA markets.
Revolut told Decrypt that it plans to make more cryptocurrencies available for staking, but did not specify which tokens or countries are next on the list for expansion.
Revolut is one of Europe’s most valuable fintech firms, with over 25 million users worldwide, and its latest funding round in July 2021 was valued at $33 billion.
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.
(With inputs from Shikha Singh)
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