London Based Digital Bank Revolut, Launches Crypto Staking Service for POS Tokens

• Revolut, a London-based digital bank that claims 25 million customers has launched its crypto staking service for UK users.
• In the digital asset market, a staking service involves locking up a certain amount of cryptocurrency in a wallet.

Revolut Launches Crypto Staking Service for UK and EEA Customers

Revolut, a London-based digital bank with over 25 million customers, has launched a crypto staking service for UK and EEA customers. The service allows users to stake their Ethereum (ETH), Polkadot (DOT), Tezos (XTZ), Solana (SOL), and Cardano (ADA) tokens to earn rewards.

Staking is a process by which users can help to secure a blockchain network and earn rewards in return. In the case of Proof-of-Stake (PoS) blockchains, validators are randomly selected to add new blocks to the chain and are rewarded with tokens for doing so.

Revolut’s crypto staking service is custodial, which means that the bank will hold users’ tokens on their behalf and stake them on their behalf. This means that users do not need to have any technical knowledge to participate in staking.

The rewards for staking with Revolut vary depending on the cryptocurrency. For ETH, users can earn up to 4% APY, while for DOT, the reward is up to 11.65% APY.

Revolut is the latest major cryptocurrency exchange to offer staking services. Other exchanges that offer staking include Binance, Kraken, and Coinbase.

The launch of Revolut’s crypto staking service is a sign of the growing popularity of staking. As more and more people become interested in cryptocurrency, staking is becoming an increasingly attractive way to earn passive income.