Revolut, a neo-banking platform with 25 million customers worldwide based in the United Kingdom, is offering the opportunity for its customers in the UK and the European Economic Area to earn income from their crypto holdings through a new staking feature.
The feature is set to become available this week and will undergo a soft testing phase.
Currently, the staking feature provided by Revolut supports the crypto DOT, XTX, ADA, and Ether. The expected returns from staking these assets range from 2.99 percent to 11.65 percent, but these yields are subject to change and are not guaranteed.
Staking in the world of crypto involves an individual keeping a certain amount of a specific digital currency in their wallet for a set period of time, usually ranging from a few days to several months.
This process contributes to the security of the network by verifying transactions on a proof-of-stake blockchain. As a reward, the individual receives newly created coins or a part of the transaction fees.
In recent years, Revolut has been integrating crypto into its services. It started offering crypto trading in 2017, which has become a crucial source of income for the company, especially with the addition of features like crypto cashback for premium users.
Today, Revolut provides trading options for nearly 100 different cryptos and allows its customers to make purchases using their digital assets.
Revolut is making an effort to educate its customers about crypto and blockchain by offering free "Learn & Earn" courses on these subjects. Those who complete the program are rewarded with free crypto.
In September 2022, Revolut was recognised as an authorised company by the Financial Conduct Authority of the UK, allowing it to provide crypto products and services.
Revolut has become one of 38 companies approved to provide crypto services in the UK after being granted a temporary registration to operate as a crypto asset firm in March 2022.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash