Revolut introduces crypto staking in the UK

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Revolut continues its crypto push and introduces staking for UK users.

Challenger banking giant Revolut has rolled out crypto staking to customers in the UK.

Since the fintech was accepted onto the Financial Conduct Authority’s (FCA) full register of cryptoasset firms in September 2022, we’ve seen a series of new crypto launches including the introduction of a crypto debit card and now crypto staking.

Revolut’s crypto general manager Emil Urmanshin said “Staking is our 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.”

How does Revolut’s crypto staking work?

The digital challenger says customers can earn up to 11.65% annual percentage yield (APY) in crypto rewards, with variations in the “payout, cadence, and required minimum time to stake” depending on which token is being staked.

Initially, the feature is only available using Ethereum (ETH), Cardano (ADA), Polkadot (DOT) and Tezos (XTZ). Finder has produced guides to staking – for example, how to stake Ethereum.

At the time of writing, Revolut’s app displayed options to stake Tezos and earn up to 4.40% APY or stake Cardano and earn up to 3.24% APY.

The reward you receive varies based on network conditions and isn’t guaranteed. When you receive your staking rewards will also depend on which token you’ve staked, as some have a protocol-imposed waiting period.

Are there any fees?

Revolut charges a staking rewards commission. Its current commission rates are as follows:

  • ETH – 15%
  • ADA – 20%
  • DOT – 25%
  • XTZ – 30%

The APY displayed in the app will include the commission.

More crypto to come from Revolut?

Revolut shows no sign of slowing down the expansion of its crypto services, unlike some other exchanges. In August 2022 it listed 13 crypto-related positions as part of its plan to grow its crypto workforce by 20%.

In recent months it has reduced its crypto trading fees, added more crypto coins to its app and introduced a crypto debit card. It’s expected that in 2023, we’ll see more crypto product launches from Revolut as well as enhancements to existing crypto products to allow users to do more with their crypto.

*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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