Revolut expand its crypto portfolio with a new feature aimed at rewarding customers – Staking

Revolut has launched cryptocurrency staking for customers in the UK and EEA, enabling users to earn returns on their holdings by locking up their cryptocurrrency in a wallet. Staking is similar to depositing cash in a high-yield savings account.

The new feature unlocks additional benefits for customers investing in crypto with Revolut, with the ability to earn rewards for specific tokens (Ethereum, Cardano, Polkadot, and Tezos). The rewards are granted in the native token.

„Customers can either stake their existing crypto balances for these  tokens or buy and then stake the balance of one or more of the four tokens. The reward is based on the balance they staked. The payout, cadence and required minimum time to stake varies by token^[1] with customers able to earn up to 11.65% APY ^[2].” – according to the press release.

„The advantage of staking with Revolut is the frictionless and intuitive process – customers can lock eligible crypto tokens in a few steps. Depending on the token, they can continue staking and earning rewards or unstake their balance and hold, freely spend, transfer or sell their assets. As with all things crypto on Revolut, staking is not only easy but also secure; funds are held with trusted custodians.” – the company explains.

Emil Urmanshin, Crypto General Manager at Revolut, said: “Last year, Revolut marked a number of important milestones: we doubled the number of listed tokens available to trade in the Revolut app to 100 and launched many new products such as, Learn & Earn, which allows users to earn crypto rewards after completing lessons on various crypto topics, Pay with Crypto, which allows users to pay for everyday purchases from their crypto balance, and Crypto trading for business customers. Our international expansion continued with the launch of our crypto product in Singapore, as well as receiving crypto authorisations from regulators in the UK, Spain and Cyprus. In 2023, Revolut’s ambition is to double down on our efforts in 2022, with more product launches and international expansion. In addition to continuous improvements of existing crypto products, this year we want to enable users to do more with their crypto – such with withdrawals and deposits, as well as earning interest on their crypto through Staking. Staking is the first milestone on our 2023 roadmap and we’re really excited to help users put their crypto to work and earn returns on their balances at Revolut”.

Staking (or proof of stake) is a form of network participation since stakers form an essential part of the mechanics that secure the blockchains and allow them to operate. While staking, the users support the network in the same way as mining, and the participants are rewarded for securing the blockchain. 

Revolut Ltd, a company established in the United Kingdom, offers a wide range of financial products through its financial app, and crypto is an increasingly popular feature. There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy feature to average out volatility. Customers can also round up any spare change in a cryptocurrency of their choice, from a list of close to 100 cryptocurrencies. In 2022, the number of cryptocurrencies available to Revolut customers increased by 9x times compared to the beginning of 2021.

Revolut regularly communicates with customers that crypto tokens are volatile assets and prices can change quickly. Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages its customers to research the various cryptocurrencies and the risks and opportunities before buying or selling. Customers should review independent sources and learn the differences between tokens as well as considering their personal circumstances when buying or selling crypto. Cryptocurrencies are unregulated. Funds are not protected and their price is extremely volatile. Tax could be payable on gains.

^[1] The reward will vary per currency and may fluctuate over time.

^[2] APY (annual percentage yield) refers to the return on an investment taking into account compound interest, as opposed to a simple interest rate, which only represents the interest earned on the original stake.