Revolut has launched cryptocurrency staking for customers in the UK and EEA, enabling users to earn returns on their holdings by locking up their cryptocurrrency in a wallet.
Staking is similar to depositing cash in a high-yield savings account. Users lock crypto assets for a set period of time to help support the operation of a blockchain and are paid interest on the balance in return.
Revolut's staking service is initially being rolled out for four tokens - Ethereum, Cardano, Polkadot, and Tezo. Customers can either stake their existing crypto balances for these tokens or buy and then stake the balance of one or more of the four tokens. The reward is based on the balance they staked.
The payout, cadence and required minimum time to stake varies by token with customers able to earn up to 11.65% APY, says Revolut.
Emil Urmanshin, crypto general manager at Revolut, says: “We want to enable users to do more with their crypto - with withdrawals and deposits, as well as earning interest on their crypto through Staking. Staking is the first milestone on our 2023 roadmap and we’re really excited to help users put their crypto to work and earn returns on their balances at Revolut."