Revolut’s New Feature Is Live!
In a move that’s sure to ring the bell for crypto enthusiasts, UK-based neo-banking platform Revolut has rolled out its latest feature: crypto staking. With a hefty 25 million users worldwide, the decision to allow staking comes as no surprise. After all, who doesn’t want to earn passive income while sipping coffee?
What’s in the Staking Mix?
This new feature will go live this week with some exciting options. Users in the UK and European Economic Area (EEA) can stake major players like Polkadot’s DOT, Tezos’ XTZ, Cardano’s ADA, and Ether (ETH). Yields may vary wildly, boasting figures from 2.99% to a tempting 11.65%. But here’s the catch: these yields are not guaranteed. Just don’t expect to pay off your student loans with your staking profits… yet.
The Staking Basics
Let’s break it down a bit further: staking means locking up a quantity of digital currency in your wallet for a specified duration. This duration can stretch from days to months, depending on your patience and affinity for crypto risk. Why do this? Well, it helps secure the network and validate transactions on proof-of-stake blockchains. In return, you reap rewards, often in the form of newly minted coins or a slice of transaction fees. So basically, it’s like a savings account, but cooler.
Revolut’s Crypto Journey
Since its inception, Revolut has been stepping up its crypto game. The company started offering crypto trading back in 2017, and it’s been a fantastic ride ever since. Adding products like crypto cashback for its premium users, Revolut now boasts the ability to trade nearly 100 different cryptocurrencies and even lets users pay with their crypto holdings. Because why not use your Bitcoin for a cup of coffee?
Educating the Masses
Picking up on the rising trends, Revolut isn’t just throwing users into the deep end of crypto. They are also offering free “Learn & Earn” courses to educate everybody on the basics of cryptocurrency and blockchain technology. Completing these courses not only broadens your crypto knowledge but rewards you with free crypto. Gotta love that incentive!
What’s Next for Revolut?
In light of its fast-paced introduction of new features, many are left wondering what else is in store for Revolut users. With the UK’s Financial Conduct Authority giving the nod to Revolut for offering cryptocurrency products and services, it is now among 38 firms pursing a major role in the financial revolution. Will the next feature be something revolutionary, like staking that guarantees profits? Well, that’s a riddle for another day!
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