Customers from the United Kingdom, European Economic Area (EEA), and other countries can now participate in crypto staking. This is thanks to Revolut, a neobanking platform based in the United Kingdom that claims to have 25,000,000 users around the world.
According to AltFi, a London-based news agency, the staking function will allow users to make money from their cryptocurrency holdings. It is currently in “soft testing” mode.
The staking function is available for the DOT token that Polkadot issued, the XTZ token that Tezos issued, the ADA token that Cardano issued, and the ETH token that Ether issued. With returns ranging between 2.99% and 11.65%, These returns are not guaranteed.
One method used in cryptocurrency is called “staking”. The process involves the holding or locking up of a specific amount of a digital asset in a wallet. This is done for a set period of time. This period could be for several days or even several months. This activity is essential to ensure the network’s security. It verifies transactions made on a blockchain using proof-of–stake. People may be able to exchange their coins for freshly created coins, or part of the transaction costs.
Revolut has worked for the integration of cryptocurrency over the past few years. Since 2017, Revolut has been offering cryptocurrency trading services. This service has grown to be an important source for income, especially with the release of goods such as crypto cashback for premium customers. Revolut clients can now make purchases with their cryptocurrency holdings and trade for around one hundred more cryptocurrencies.
Revolut has also been providing free “Learn & Earn” courses on the fundamentals of cryptocurrency and blockchain technology, and rewarding users who complete the programme with free cryptocurrency. This is part the company’s efforts to educate customers about cryptocurrency and blockchain technology.
Revolut was granted an extension to continue operating as a crypto asset company with temporary registration in March 2022. This allowed Revolut to join the 37 other companies permitted to offer these services in the United Kingdom. Revolut can continue to be in business through March 2022 thanks to the extension.