UK fintech Revolut is launching a crypto staking feature that will enable users to gain returns on their holdings with additional crypto-based rewards.
The feature will require Revolut users to participate in proof-of-stake blockchains to support the security of the network, akin to mining of many popular blockchains.
UK and select EEA market users will be able to stake in various crypto blockchains such as Ethereum, Cardano, Polkadot and Tezos and can be compensated with rewards.
Revolut crypto customers can earn up to 11.65% APY in rewards when staking in the aforementioned cryptocurrencies. Revolut also states that the longer you hold onto your reward, the more you can earn but notes the risks involved.
To start staking using Revolut, users will have to make sure their Revolut App is in its most up-to-date version, head to hub and select one of the four supported cryptocurrencies.
Pre-owned cryptocurrencies will allow users to start staking immediately, whilst others will need to buy the supported crypto first to use the stake button to start staking.
“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,” said Emil Urmanshin, Crypto General Manager at Revolut.
“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.”