UK-headquartered fintech giant Revolut has launched staking pools for four popular altcoins. Users will be able to start staking crypto for passive income with just a few taps on the app.
Revolut launches staking pools for these 4 altcoins
UK central banking app Revolut is testing client crypto staking for four popular altcoins. According to a new Altfi report, crypto staking pools are being built for Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum (ETH).
Staking is an application where crypto investors lend their crypto for a limited period of time and earn rewards to provide liquidity and support Blockchain operations and security. These lenders are known as stakers and receive rewards in the form of more cryptocurrencies.
Crypto staking program launching soon
According to the report, Revolut’s crypto staking program will go live this week. According to the report, staking returns will vary between 3% and 12%. During the bull market, Revolut increased crypto adoption in 2021 and added support for more than ten cryptocurrencies. Matt Baxby, Revolut’s partner and head of the Australian branch, says the company is looking to find more market space in 2023 as competition heats up. In a new interview with CNBC, Baxby noted:
I think we’ve seen growth as a result of two things: Delivering features to customers where there are unmet needs in the market and giving us a deep understanding of what those needs are, and then exceeding those expectations when they’re released. The other plane of growth is to build Revolut’s growth in more markets globally.
About Revolut
Revolut has been offering crypto services since 2017 and has been gradually increasing its offerings over time. The bank went from just providing crypto trading to allowing customers to transfer their funds to wallets and platforms elsewhere in 2021. In October 2022, Revolut added a feature that allows customers to spend their crypto on daily purchases using a debit card. In September, it received approval from the Financial Conduct Authority to offer crypto services.
According to its website, the platform offers in-app trading of more than 30 cryptocurrencies for its more than 20 million personal users.
Revolut, as Kriptokoin.com, added a crypto spending feature in October last year that would allow customers to pay their crypto balances for daily purchases using Revolut cards. The service is active from 1 November, and Revolut’s feature comes after a long wait to get approval in the UK, following registration from the country’s Financial Conduct Authority.
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