Banking Firm Revolut Introduces Cryptocurrency Staking For Its EEA And UK Clients
Revolut, a neo-banking institution based in the United Kingdom with a worldwide user base of up to 25 million, has announced offering crypto staking services for the EEA and UK clients. As per the reports, the staking service is anticipated to be launched this week. This will permit the customers to generate yields on the cryptocurrencies during the “soft testing” stage of the project.
Revolut to Reportedly Provide Crypto Staking Service for EEA and UK-based Consumers
Currently, the staking service deals with crypto assets including Ether (ETH), Cardano (ADA), Tezos (XTX), and Polkadot (DOT). The percentage of the profits can range between 2.99% and 11.65%. Nonetheless, the respective profits are not guaranteed. In the world of crypto assets, staking is known as a procedure where a person locks or holds a specific amount of digital assets for a particular period in a wallet.
The respective period normally lasts for some days or several months. The respective asset lock-up assists in securing the network as well as validating the transfers on a blockchain-based on a proof-of-stake consensus mechanism. Crypto staking can also be carried out for unfixed periods for the provision of support and liquidity for security and other blockchain activities.
In return for this, the persons locking up the assets are provided with rewards in the latest minted tokens or a proportion of the transfer fees. In recent years, Revolut has been offering services related to crypto assets. Back in 2017, the institution started providing trading services for crypto assets. These services have since turned into a noteworthy source of income for premium consumers.
At present, Revolut provides trading for approximately a hundred diverse crypto assets. It additionally enables its clients to perform buyouts with the use of crypto assets held by them. While endeavoring to spread education among its consumers regarding blockchain and crypto assets, Revolut has additionally been providing “Learn & Earn” courses for free on the fundamentals of the respective subjects.
It additionally rewards free crypto to the consumers who accomplish the respective program. In 2022’s September, it was reported that the Financial Conduct Authority of the United Kingdom incorporated Revolut into the agency’s list of approved entities providing crypto services and products.
The platform has also collaborated with up to 37 other companies which have been provided the green signal by the UK-based regulatory bodies to offer these services within the country’s jurisdiction. This has become possible after Revolut has been given an extension to run as a platform dealing with crypto assets with provisional registration that took place in 2022’s March.
Platform Endeavors to Fulfill Its Consumers’ Demands and Increase Growth, Says a Revolut Executive
The latest integration related to the crypto staking-related services is witnessed as Matt Baxby (Revolute’s collaborator and chief of its Australian subsidiary) remarked on this. He stated that the platform is pursuing to generate more revenue in the current year as the competition across the market is rising. In his latest interview conducted by CNBC, Baxby mentioned that the institution has witnessed advancement as a consequence of a couple of things.
He asserted that one of those things takes into account the provision of features that fulfill the unmet demands of consumers across the market. He added that the platform paid considerable attention to guarantee that they comprehend the nature of those requirements and meet them in the best possible way. The other factor deals with advancing its growth in markets around the world.
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