Staking on Revolut Announced
UK and European customers of the British neo-bank Revolut can now reap benefits from staking on Revolut. The bank announced that customers in supported countries could earn up to 11.65% annual yield, paid in the corresponding tokens, on four cryptocurrencies; Ether, Cardano, Polkadot, and Tezos.
This neo-bank is providing the highest yield for DOT at present as compared to other platforms. However, by staking the token directly to the Polkadot network as a validator, one can earn an average annual gain of 14.43%. If you stake DOT through Revolut, you will miss out on nearly a 3% yield. The funds will be kept with reliable custodians, while the company will manage the user's private keys.
Revolut continues crypto expansion with staking rewards
This fintech unicorn is seeking to capitalise on the potential for growth in the digital asset market with the launch of its yield from staking initiative. The fintech giant initially dipped its toes into cryptocurrency by allowing its users to purchase BTC, ETH, and LTC in 2017. Revolut has since expanded its selection of supported digital assets, offering more than 90 tokens.
Furthermore, it allowed users to withdraw Bitcoin to their wallets in 2021. The company is offering its customers the opportunity to earn cryptocurrency rewards by allowing Revolut to "stake" their coins to verify blockchain transactions. This move shows that they are embracing crypto after several market crashes.
The staking rewards feature will be accessible to customers in Britain and approximately 30 other European nations as part of Revolut's plan to broaden its crypto-related offerings, as stated in a recent statement.
In the last known funding round in 2021, this fintech start-up was valued at approximately $33 billion, making it the most valuable start-up in Britain then.
Owners of crypto assets operating on a Proof of Stake blockchain can stake a portion of their assets to participate in validating transactions. As a reward for their efforts, validators receive transaction fees and/or newly minted crypto assets.
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