Revolut Prepares to Provide Staking Service

London-based financial technology company Revoult is preparing to provide staking services for cryptocurrencies with large market caps. Revoult, which has 25 million customers, will provide active staking services in Polkadot (DOT), Ethereum (ETH), Tezos (XTZ) and Cardano (ADA) altcoins, according to the reported news. According to the news, the staking service will be fully active this week. The investment firm is expected to guarantee clients variable returns in the range of 3% to 12%.

Although Revoult does not have a banking license, most investors residing in the country prefer the platform. Matt Baxby, one of the company partners, confirmed the staking news and made the following statement:

“Competition is heating up in the crypto industry. We, as Revoult, want to get our share of this cake. We focus on the needs that customers cannot find answers to in the market. Thus, it will be possible for Revoult to gain a place in the global arena.”

Staking means locking crypto assets for a certain period of time to help a blockchain network work. Crypto staking is basically very similar to time deposits. Fund holders entrust their cash to banks for a period of time. As the operating cost of money, it earns interest income. In staking, the crypto owner locks his asset into the system for a while. As a result, he gets a guaranteed return on crypto basis.