UK-based banking app Revolut is soft-launching customer crypto staking for four prominent altcoins.
According to a new report by Altfi, London-based Revolut is introducing crypto staking for Polkadot (DOT), Tezos (XTZ), Cardano (ADA) and Ethereum (ETH) to its 25 million customers.
Crypto staking involves digital asset holders lending their assets for fixed or unfixed periods to provide liquidity and support blockchain operations and security. Those lenders are called stakers, and stakers earn rewards in the form of more crypto.
According to the report, the full rollout of Revolut’s crypto staking program will occur later this week. The report says staking yields will range from approximately 3% to 12%.
Revolut ramped up crypto adoption in 2021, adding support for over ten crypto assets during the bull market.
The integration of crypto staking comes as Revolut partner and head of the Australian branch Matt Baxby says the firm is looking to find more market niches in 2023 as competition heats up.
Says Baxby in a new interview with CNBC,
“I think we’ve seen growth as a result of two things: Offering features to customers where there’s unmet needs in the market, and ensuring that we deeply understand what those needs are and then exceeding those expectations as they come to market. The other plane of growth is establishing Revolut’s growth in more markets globally.”
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