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- Revolut recently announced its crypto staking service for four PoS tokens.
- Revolut’s step shows its ongoing push to build inroads in the crypto industry.
Revolut, a British financial technology company, announced its prior step into the crypto industry. Yesterday, the company announced that Polkadot ($DOT,) Ethereum ($ETH,) Cardano ($ADA,) and Tezos ($XTZ) staking is available for its customers in the United Kingdom and EEA.
You can earn up to 11.65% APY with Crypto Staking!
— Revolut (@RevolutApp) February 8, 2023
ETH, DOT, ADA, and XTZ staking is available for customers in the UK and EEA.
Not regulated or protected. Value can go down. Tax may be payable on gains. APY is variable.#Crypto #Staking pic.twitter.com/FP4QMGBTZw
Hello Staking!
The crypto staking of Revolut would provide a variety of proof-of-stake (PoS) tokens such as DOT, ETH, ADA, and XTZ. Revolut describes Staking as “temporarily ‘locking’ the user’s crypto and getting rewarded for it with more crypto.” However, staking simply is a process by which users can deposit PoS-based tokens to a blockchain in order to help secure the network.
According to Revolut’s official blog, “Staking involves participating in PoS blockchains to support the security of the network, just like mining. Here the PoS blockchains include Polkadot, Ethereum, Cardano, and Tezos. As an incentive for securing the network, the participants are compensated with rewards.” Crypto staking is available in the U.K. and select EEA markets.
Revolut states that users can earn up to 11.65% APY in crypto rewards when they stake DOT, ETH, ADA, and XTZ. While APY is variable and subject to change.
In today’s world, staking user’s crypto is a big challenge for most of the investors, due to its high technicality and complexity. But as Revolut added, “it only takes a few steps to stake a user’s crypto.”
After the following announcement by Revolut, have a look towards the price action of all four PoS tokens.
Polkadot ($DOT)
Polkadot, a ‘layer-0’ blockchain hosts an ecosystem of blockchains. It is a ‘parachain’ protocol that allows ease of communication between separate cryptocurrencies.
According to Tradingview, Polkadot’s native token $DOT noted an increase of around 6% in one week and almost 40% growth in one month. The Polkadot price is currently trading at $6.87 with a 24-hour trading volume of $327.871 Million. It is up by almost 1.78% in the last 24 hours. Polkadot currently has a market cap of $7.934 Billion.
Ethereum ($ETH)
Ethereum is the world’s second-most popular blockchain network that provides a platform for creating decentralized applications based on blockchain and smart contract technology.
The native token of Ethereum, ETH is currently trading at price of $1632.70. It is down by around 0.60% in one week, while it has a market cap of $199.861 Billion.
Cardano ($ADA)
Cardano, a proof-of-stake (PoS) blockchain, that can run smart contracts and sApps on its ecosystem. Its native token ADA is currently trading at a price of $0.3872 with a 24-hour decrease by 1.75%. In one week it also noted a dip of around 2.44%.
Tezos ($XTZ)
Tezos is a blockchain network that is based on smart contracts and aims to offer infrastructure that is more advanced. XTZ is currently trading at a price of $1.190 with a 24-hour trading volume of $34.731 Million. It noted an increase of almost 8.48% in one week.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.