Revolut launches 'Staking' crypto feature on its super app
The world-leading, London-based digital bank, Revolut, has launched a new crypto feature which is available to its 25 million plus customers through the fintech’s financial super app.
Revolut launched the crypto feature, called Staking in the UK and EEA, effectively taking another leap forward towards its mission to build the first super app for all-things-money, and is continuing to double-down on its promise to bring greater digital currency services to the banking space.
Currently, 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. Other features also enable users to 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’s new Staking crypto feature further incentivises customers
According to reports, the new feature unlocks extra benefits for customers investing in crypto with Revolut, giving them the ability to earn rewards for specific tokens (Ethereum, Cardano, Polkadot, and Tezos).
In a statement released by Revolut, a bank spokesperson said: “The rewards are granted in the native token and 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 with customers able to earn up to 11.65% APY.”
Advantages offered by Revolut’s new crypto Staking feature
Revolut is already recognised as one of the world’s leading digital banks, with online financial services that have a reputation for producing a frictionless customer experience. The new crypto feature provides another competitive advantage because Staking gives users a frictionless and intuitive process. Customers can also lock eligible crypto tokens within a few steps.
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.
Depending on the token, users can also continue to stake and earn rewards as well as ‘unstake’ their balance and hold, freely spend, transfer or sell their assets.
A secure crypto experience through Revolut’s banking platform
As Revolut has a robust reputation in the marketplace for innovative security, the new crypto feature has the potential to help build trust for customers within the digital currency space. The statement says: “staking is not only easy but also secure; funds are held with trusted custodians.”
Speaking about the new development, Emil Urmanshin, Crypto General Manager at Revolut, explained: “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.”
He said that as 2023 unfolds, Revolut's ambition is to concentrate on its efforts in 2022, with more product launches and international expansion. There are also plans to improve and innovate on existing crypto products to enable users to do more with their crypto - such with withdrawals and deposits, as well as earning interest on their crypto through Staking.
Urmanshin added: “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.”