Revolut Launched Crypto Staking
Stacking is similar to depositing cash into a high-yield savings account. Users freeze crypto assets for a certain period of time to help keep the blockchain running, and in return, they receive interest on the balance.
Revolut’s stacking service is initially being introduced for four tokens – Ethereum, Cardano, Polkadot, and Tezos.
Customers can either skate their existing cryptocurrency balances for these tokens or buy and then stake the balance of one or more of the four tokens. The reward depends on the balance they stake.
According to Revolut, the payouts, frequency, and minimum time it takes to stake vary depending on the token, and customers can earn up to 11.65% APY.
According to Emil Urmanshin, general manager of cryptocurrency at Revolut, he and his colleagues aim to provide consumers additional options with their cryptocurrencies, including the ability to withdraw and deposit funds as well as earn income through staking.
The first milestone on our 2023 plan is staking, and Revolut is really eager to assist consumers in using their cryptocurrency to generate profits on their Revolut accounts.