Digital Bank Revolut launched the staking of four crypto assets for the customers.
Revolut is a United States-based Digital Bank, which is currently holding 25 million customers worldwide. Last year, this Neobank received regulatory approval to provide crypto services in August 2022 from the Cyprus Securities and Exchange Commission (CYSEC). Initially, this bank started its crypto trading services in 2017 and now to this date crypto service i a very big source of revenue for this bank.
Recently London-based news media AltFi reported that Revolut may launch its crypto-staking services for customers this week. Initially, this new service will be available in the soft phase and will allow Revolut customers to generate passive income with their crypto assets holding.
Under the crypto staking plan, Revolut will allow only the staking of four crypto assets DOT, XTZ, ADA, and ETH, and the reward will range between 2.99% to 11.65% per annum, which means it will not be fixed income.
Few media reports claimed that Revolut may consider adding more crypto assets under its staking service because to this date the Bank provides approximately 100 crypto assets trading and also allows customers to purchase services with crypto holdings.
It is worth it to note that the United Kingdom (UK) is a very strict region in the world for crypto companies to get regulatory approval to provide crypto services but in September 2022 Revolut successfully received regulatory approval from the Financial Conduct Authority (FCA).
Crypto staking is a process to lock the crypto assets on the staking pool to contribute in the corresponding crypto network to process the transactions.
In the case of direct crypto staking, a Crypto staker needed to run high-end Pc to support the Crypto network technically but as we know that not everyone can afford high powered PC, so few Crypto staking companies provide third-party staking services in return for the small commission fees.