UK-based online banking platform Revolut, which has 25 million customers worldwide, has introduced cryptocurrency gambling for its UK and EEA customers.
According to a report by London news agency altfi, the staking feature is expected to go live this week, allowing users to generate income from their crypto assets during their “soft testing” phase.
Currently, the staking feature is available for Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ether (ETH) crypto assets, with yields ranging from 2.99% to 11.65%. However, these returns are not guaranteed.
In cryptocurrency, staking is a process in which an individual holds or locks a certain amount of a specific digital asset in a wallet for a set period of time, typically from several days to several months. This action helps secure the network and validates transactions on a proof-of-stake blockchain. In exchange for participating in staking, users receive a reward in the form of newly minted coins or a share of transaction fees.
In recent years, Revolut has been incorporating cryptocurrencies into its services. In 2017, it began offering cryptocurrency trading services, which has since become a significant source of revenue for the company, especially with the introduction of products such as cryptocurrency cashback for premium users.. Currently, Revolut offers trading in almost 100 different crypto assets and tokens, and also allows its clients to make purchases with their crypto asset holdings.
In an effort to educate its customers about crypto and blockchain, Revolut has also been offering free “Learn & Earn” courses on the fundamentals of these topics, and rewarding users who complete the program with free cryptocurrency.
In September 2022, Cointelegraph reported that the UK Financial Conduct Authority (FCA) added Revolut to its list of authorized companies offering cryptocurrency products and services.
Revolut joined 37 other companies that have been given the green light to offer such services in the UK after they were granted an extension to operate as a temporarily registered crypto asset company in March 2022.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.