Revolut, a neo-banking platform with headquarters in the United Kingdom and 25 million users worldwide, has announced the availability of its crypto staking service for four proof-of-stake (PoS) cryptocurrencies, including Cardano and Tezos.
You can earn up to 11.65% APY with Crypto Staking!— Revolut (@RevolutApp) February 8, 2023
ETH, DOT, ADA, and XTZ staking is available for customers in the UK and EEA.
Not regulated or protected. Value can go down. Tax may be payable on gains. APY is variable.#Crypto #Staking pic.twitter.com/FP4QMGBTZw
With rates as high as 11.65% APY, Revolut will offer staking of the following crypto assets: Cardano (ADA), Tezos (XTZ), Polkadot (DOT) and Ethereum (ETH).
Customers in the United Kingdom and the European Economic Area (EEA) will be the first to benefit from the new cryptocurrency staking service.
Revolut has been integrating cryptocurrency into its services over the past few years. It started providing cryptocurrency trading services in 2017. Revolut now allows its users to make purchases using their crypto holdings and facilitates trading for almost 100 different crypto assets.
In 2021, the bank also began enabling users to transfer their assets to other wallets and platforms. Customers are also able to use their cryptocurrency on routine transactions with a debit card, thanks to a feature Revolut launched in October 2022.
The Financial Conduct Authority permitted it to provide cryptocurrency services last year, in 2022.
Cardano and Tezos staking is currently supported by several platforms. Trust Wallet, a noncustodial mobile cryptocurrency wallet, announced in December that it now supports Cardano (ADA) staking.
Support for Cardano (ADA) and Tezos (XTZ) staking has been announced by Binance.US, a subsidiary of the leading cryptocurrency exchange, Binance.