<p>Revolut, a
London-headquartered <a href="https://www.financemagnates.com/tag/neobanks/" target="_blank" rel="follow">challenger bank</a>, has launched a cryptocurrency
staking service for the European Economic Area (EEA) and UK customers,
according to the report from AltFi.</p><p>Revolut to Roll Out Crypto
Staking</p><p>So far, the
product has only reached a limited number of users, but its full debut is
expected this week. While customers will be able to earn additional revenue
from staking the most popular cryptocurrencies, the service will remain in a
'soft test' phase.</p><p>Revolut,
which claims to have 25 million users worldwide, first introduced
cryptocurrencies to its offering during the 2017 bull market peak. Since then,
they have become an essential part of the revenue generated by the neobank, and
the company is considering launching its own cryptocurrency.</p><p>According
to AltFi, the staking of cryptocurrencies, of which Revolut has nearly 100 on
offer, will initially be limited to four tokens, including Polkadot (DOT),
Ethereum (ETH), Cardano (ADA) and Tezos (XTZ). Yields are said to range from
2.99% to 11.65% per annum but are not guaranteed.</p><p>In the
digital asset market, a staking service involves locking up a certain amount of
cryptocurrency in a wallet. It can range from a few days to even a few months,
helping to secure the network and validate transactions as part of a proof-of-stake
consensus. In return, the staker receives additional profit in the form of
interest. Staking can be compared to a traditional bank savings account.</p><p>Additionally, Revolut is seeking to build its cryptocurrency regulatory base in various places
around the world, <a href="https://www.financemagnates.com/cryptocurrency/revolut-gains-cysecs-approval-to-offer-cryptocurrency-services/" target="_blank" rel="follow">obtaining authorization from CySEC</a> to offer crypto
provider services within European countries. Previously, it obtained permission
from the Monetary Authority of Singapore to provide <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" class="terms__secondary-term" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed" target="_blank">cryptocurrencies</a> in the
country.</p><p>Watch the recent FMLS 2022 executive interview with Vladimir Krupnov, Threat Intelligence Lead at Revolut.</p><p>Market Awaits Revolut's
RevCoin</p><p>Focusing on
the continued expansion of its cryptocurrency offering and wanting to respond
to the needs of its users, Revolut had planned the launch of its crypto dubbed
RevCoin last year. However, <a href="https://www.financemagnates.com/fintech/revolut-postpones-its-native-crypto-push-after-ftx-collapse/" target="_blank" rel="follow">the plans were pushed back due to a prolonged crypto
winter</a> and the collapse of the FTX exchange, which pushed the industry further into substantial decline and prompted capital outflows from exchanges and
cryptocurrency platforms.</p><p>The news of
RevCoin's postponed debut was published by Financial News (FN) in January,
citing people familiar with the matter. In an interview with FN, a Revolut
spokesperson said the company is evaluating current market conditions and the
most optimal time to launch RevCoin in the upcoming months.</p><p>Nik
Storonsky, the Founder and CEO at Revolut, firstly disclosed the plans to
launch its own cryptocurrency in May 2022. Revolut's digital asset will probably
act as a loyalty token, rewarding the most active users.</p><p>Revolut's Financial Report
Also Postponed</p><p>RevCoin is
not the only major update that customers and investors are waiting for. <a href="https://www.financemagnates.com/fintech/revolut-to-release-delayed-2021-financial-statement-next-year/" target="_blank" rel="follow">Revolut
has still not published its 2021 report</a>. Initially, the report's publication
summarising the period that ended more than 14 months ago was planned for
September 2022. However, the company postponed the publication to December, but
two days before the final deadline, it stated again that it would publish the financial
data in 2023.</p><p>Michael
Bodansky, the Head of Corporate Communications at Revolut, confirmed the news,
which was first reported by AltFi, to Finance Magnates. "Yes, that's
correct – we intend to announce our account in the new year," Bodansky
said.</p><p>Since January
has passed, Revolut has still not shown its financials. <a href="https://www.financemagnates.com/fintech/news/revolut-losses-deepen-in-2020-despite-57-revenue-jump/" target="_blank" rel="follow">The last report was
published in June 2021</a> and presented the figures for 2020, showing an increase in revenue
to £261m and an operating loss of £122m. 2021 is expected to be the first time
Revolut showed a net profit, according to analytical consensus.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
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