Revolut has launched a new cryptocurrency feature which allows customers to earn rewards when they invest specific tokens with the bank.
Called staking, customers can earn up to 11.65 per cent APY in rewards. Eligible tokens include Ethereum, Cardano, and Tezos and rewards are granted in the native token.
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.
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.
Revolut said that while staking, the users support the network in the same way as mining, and the participants are rewarded for securing the blockchain.
Commenting on the news Emil Urmanshin, crypto general manager at Revolut, said: “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.”
Urmanshin said that staking is the first milestone in the digital bank’s 2023 roadmap.
This follows the news that Revolut is launching a new ‘top-tier’ membership plan which includes benefits such as free airport lounge access, cashback and access to the full suite of Revolut’s investment products.
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