Revolut Introduces Staking For Ethereum, Cardano, Polkadot & Tezos

Paigambar Mohan Raj
Source: Herald Sheets

UK-based challenger bank, Revolut, is now offering staking services for Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTZ). However, the bank’s staking services are only available in the UK and select EEA (European Economic Area) markets.

According to Revout, customers may receive up to 11.65% back in cryptocurrency rewards for particular tokens. However, based on the staked token, returns might differ and be subjected to change. Polkadot (DOT) currently has the highest return, while Cardano (ADA) offers the lowest yield at 2.79%, and at 3.88% and 4.59%, respectively, Ethereum (ETH) and Tezos (XTZ) are in the center.

More coins will be made available for staking by the bank. However, it did not specify which tokens or nations will be included next to expand the service.

Will Ethereum, Cardano, Polkadot, and Tezos staking attract new users?

Revolut has more than 25 million customers globally and is one of Europe’s most valued fintech companies. In addition, it received a $33 billion valuation in its most recent investment round in July 2021. Revolut has dramatically increased the number of digital assets it supports, offering more than 90 tokens today. In 2021, it also permitted the withdrawal of Bitcoin (BTC) to individual wallets.

The CEO of Revolut, Nikolay Storonsky, stated in November that while cryptocurrency made up 30% to 35% of the company’s overall income in 2021, it accounted for only around 5% in 2020.

Now staking has taken a hit over the past year. A majority of Ethereum stakers are currently at a loss. However, many expect the market to pick up steam once the global financial troubles are dealt with. Moreover, staking is a lucrative way to earn constant rewards when the market is right. Hence, Revolut could see an uptick in users, thanks to its new staking service.

With inflation slowing down in the U.S., interest rates are expected to cool over the year. Once inflation is controlled, an influx of funds into risky assets such as cryptocurrencies should be a reality.