Revolut digital bank launches cryptocurrency staking on mobile app


The American bank Revolut, which has 25 million customers worldwide, is starting to offer a cryptocurrency staking service in the UK and the European Economic Area.

The launch of the staking service is scheduled for this week. Clients can choose from four cryptocurrencies: ETH (Ethereum), DOT (Polkadot), XTZ (Tezos) and ADA (Cardano). Depending on the assets, Revolut clients are promised income from 2.99% to 11.65% per annum.

Staking can be done directly in the banking application. The Revolut team promises to introduce staking of other digital assets in the future.

At the end of 2022, Revolut, which has been providing cryptocurrency services since 2017, partnered with decentralized exchange (DEX) aggregator 1inch to jointly launch the Learn and Earn cryptocurrency course focused on decentralized finance (DeFi).

In September, the UK Financial Reporting Board did not recognize Revolut’s 2021 audit results due to significant shortcomings and an unacceptably high risk of misrepresentation.