Revolut has just put out a new crypto update.
The challenger bank Revolut has announced the launch of its cryptocurrency staking service for a number of proof-of-stake (PoS) tokens, such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTz).
Staking is the process by which users can add Proof-of-Stake (PoS) coins to a blockchain to help protect the network. For example, to take part in staking on Ethereum, users must deposit 32 Ethereum. Lido Finance and Rocket Pool are two options that let people get perks for making less bets.
Revout says that users can get up to 11.65% back in cryptocurrency incentives based on the tokens they stake. But this isn’t always the case and could change.
For example, Cardano’s yield is the lowest at 2.79 percent, while Pokadot’s yield is the highest. Ethereum and Tezos are in the middle, with market shares of 3.88% and 4.59%, respectively.
At first, only the UK and a few other EEA markets will be able to use the new service.
Revolut told Decrypt that it planned to add more cryptocurrencies to the list of those that can be staked, but it didn’t say which coins or which countries would be added next.
Announcing new additions to our crypto family! Meet 10+ new tokens in-app! You can now trade 90+ tokens like UNFI, BOND, MINA & more.
— Revolut (@RevolutApp) November 21, 2022
Which one have you got your eye on?#RevolutCrypto pic.twitter.com/RB5sjqGwSs
Crypto-betting on Revolut
Revolut is one of the most valuable fintech companies in Europe. It has more than 25 million customers around the world, and its most recent fundraising round in July 2021 put its value at $33 billion.
In December 2017, the London-based company offered its first cryptocurrency service to customers. It let them buy, sell, and trade 25 of the most well-known cryptocurrencies.
In addition to staking, the company is also planning to release a new coin.
Revolut is also now “evaluating the best time” to make its own cryptocurrency, called RevCoin, this year.
A challenger bank representative said that the company is looking at how the market is changing and thinking about the best time to launch RevCoin in the coming months.
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