Revolut has made cryptocurrency staking available to customers in the UK and EEA. This means that users can get a return on their cryptocurrency holdings by locking it up in a wallet.
Putting money into a stake is like putting money into a high-yield savings account. Users lock crypto assets for a certain amount of time to help a blockchain run, and in exchange, they get interest on the balance.
The staking service from Revolut will first be available for Ethereum, Cardano, Polkadot, and Tezo. Customers can either stake their existing crypto balances for these tokens or buy one or more of the four tokens and then stake their balances. The prize is based on how much they bet.
Revolut says that customers can earn up to 11.65% APY, depending on the type of token and how often they stake and for how long.
Emil Urmanshin, crypto general manager at Revolut, says:
“We want to enable users to do more with their crypto – with withdrawals and deposits, as well as earning interest on their crypto through Staking. Staking is the first milestone on our 2023 roadmap and we’re really excited to help users put their crypto to work and earn returns on their balances at Revolut.”
