Neo-banking provider Revolut, which has its headquarters in the United Kingdom and 25 million customers globally, has made an announcement on the availability of its cryptocurrency staking solution for four proof-of-stake (PoS) cryptocurrencies. These cryptocurrencies include Cardano and Tezos.
Revolut will provide staking of Cardano (ADA), Tezos (XTZ), Polkadot (DOT), and Ethereum at APY rates as high as 11.65 percent.
Users in the European Economic Area (EEA), which includes the United Kingdom, will be among the first to take advantage of the newly launched crypto-staking service.
In recent years, Revolut has incorporated crypto into its services. In 2017, it began offering cryptocurrency trading services. Almost a hundred different cryptocurrencies are supported for trading and spending on the Revolut platform.
The bank also enabled customers to move their funds to other wallets and platforms in 2021. A service introduced by Revolut in October 2022 allows customers to utilize their cryptocurrencies for everyday debit card purchases.
In 2022, the Financial Conduct Authority authorized its provision of cryptocurrency services.
A number of venues presently support Cardano and Tezos stakes. This December, mobile cryptocurrency wallet Trust Wallet said it will allow users to stake Cardano (ADA).
Binance.US, a division of the industry-leading cryptocurrency exchange Binance, has received approval for staking Cardano (ADA) and Tezos (XTZ).
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.