Last Updated on: 22nd November 2023, 06:02 am
BREAKING: Revolut launches crypto staking for 25 million users for DOT, XTZ, ADA and ETH
Revolut, a neo-banking challenger, has made crypto a core part of its growth strategy.
Crypto ‘staking’ is now available for customers in the UK and the European Economic Area with Revolut, the UK-based neo-banking challenger.
‘Soft testing’ of staking will begin this week allowing users of its app to earn income on crypto assets.
Since November 2017, Revolut has been offering crypto trading to users over the course of several years.
With product launches such as crypto cash back offered to premium users, it has become an important revenue driver.
Almost 100 different crypto tokens and assets can now be traded, and crypto balances can be used to make purchases.
During its first month in July 2022, more than 1 million people completed Revolut’s free course on crypto and blockchain basics, with those who completed it receiving free crypto.
Staking is currently limited to DOT, XTZ, ADA & ETH crypto assets. Yields range from 11.65 percent to 2.99 percent.
Crypto staking: what is it?
A cryptocurrency stake is when its holder lends their assets, for a certain period of time, to support the security and operation of a blockchain.
This process helps secure the network by rewarding the ‘stakers’ with newly minted tokens or a portion of transaction fees.
If a cryptocurrency allows stakes, which not all do, you can stake some of your holdings over time and earn a percentage-rate reward. Popular stackable crypto assets include Ethereum, Tezos, Cosmos, Solana, and Cardano.
Although Bitcoin is the first decentralised cryptocurrency, meaning that there is no central authority in charge, it operates via a proof-of-work consensus mechanism called mining.
What is the safety of crypto staking?
A cryptocurrency that allows staking uses a consensus mechanism called Proof of Stake to ensure all transactions are verified and secured without the involvement of a bank or payment processor.
There is a financial reward for staking, since it involves risk. Crypto staking is safe when several factors are taken into account, including the security of the staking platform or wallet, the overall security of the blockchain network, and the possibility of hacking.
