Revolut has added a crypto staking feature to its services in an expansion of the fintech’s move into the digital currency industry.
The new Revolut crypto feature will allow customers who invest in cryptoassets to stake their assets for rewards.
Crypto staking involves lending out assets to support the security of a blockchain network. The stake is over a fixed period, over which the customer can earn new tokens or transaction fee percentages. Revolut is offering crypto staking for the cryptocurrencies Ethereum, Cardano, Polkadot, and Tezos.
“In 2023, Revolut’s ambition is to double down on our efforts in 2022, with more product launches and international expansion,” said Emil Urmanshin, crypto general manager at Revolut.
“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.”
The London-based unicorn has been ramping up its crypto offerings recently, despite continued turbulence in the market. In August 2022, Revolut added 22 new currencies to its app before significant hiring in its crypto department.
Urmanshin described the addition of staking as the “first milestone on our 2023 roadmap”.
“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,” added Urmanshin.
“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.”