Global financial ‘super app’ Revolut announces cryptocurrency integration

Revolut, the global financial ‘super app’ with more than 25 million customers worldwide, has launched its latest crypto feature, Staking, in the UK and EEA, and makes another step forward towards its mission to build the first “super app for all-things-money”.

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 with customers able to earn up to 11.65 per cent APY.

Depending on the token, users 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.

Emil Urmanshin, Crypto general manager at Revolut, commented: “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.

By Matthew Neville – Senior Correspondent, Bdaily

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