British financial technology company Revolut has launched staking services for a couple of Proof-of-Stake (PoS) tokens including Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTZ). This staking option is not limited to only these tokens but for now, the bank will start with them pending when a decision for expansion is made.
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Prior to this announcement, the FCA-approved financial service provider had as many as 25 million customers worldwide. When the bank began offering crypto about six years ago, it only permitted users to buy, sell and trade 25 cryptocurrencies. Over time, it has increased the number of tokens it offers to about 90 tokens.Â
With this latest introduction, Revolut customers in the United Kingdom and the European Economic Area (EEA) will get to earn rewards on their crypto assets through a staking process which is often regarded as a lucrative venture.Â
Staking is a process where crypto holders contribute their assets, mostly PoS tokens, to secure a network. Thereafter, they are rewarded for their contributions. In the case of Ethereum staking, users are required to provide as much as 32 Ether to join the staking pool. For other protocols like Lido Finance and Rocket Pool, a lesser volume of women is required to participate.
Revolut Users to Receive 11.65% Staking Reward
According to the UK-challenger bank, users may receive as much as 11.65% as a reward for staking their cryptocurrencies.Â
This percentage is highly dependent on the particular token being staked and is subject to change if the need arises. For instance, at the moment DOT has the highest return while ADA has the lowest return at 2.79%. ETH and XTZ are just in between these figures with 3.88% and 4.59% respectively.
While the bearishness of the last year put many ETH stakers at a loss, it is expected that even as the market rallies, there will be an uptrend in staking and its rewards. Many crypto enthusiasts believe that the slowing down of inflation in the United States will influence interest rates positively. They think that investment into the ‘speculative asset class’ of cryptocurrency will be on the rise once inflation settles.
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