Digital bank Revolut is starting to offer crypto staking to UK and European Economic Area (EEA) customers, according to a report by AltFi.
Revolut owns about 25 million customers globally, most of which are located in the UK and EEA. Initially, the London-based fintech will support staking Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH). The interest rate received will range from 2.99% to 11.65%.
Staking is a popular term in the crypto space. Simply put, this is the act of locking up one’s holdings, making the network more secure and decentralized, in return for rewards as passive income for the staker.
The staking sector has gained more mainstream in recent months since Ethereum The Merge went live, moving to a Proof-of-Stake model.
Revolut has been introducing crypto into its service system since 2017 and has gradually promoted it over time. From just offering crypto trading services, the bank has allowed customers to transfer assets to other wallets and platforms in 2021.
By October 2022, Revolut customers can pay for daily transactions in crypto via debit cards. It is known that the Financial Conduct Authority has approved these services since September of the same year.
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