Mobile banking startup Revolut has increased the number of cryptocurrencies available to its client as the company continues its efforts to deepen its involvement in the rapidly growing space. The latest addition expands the total number of cryptocurrency assets available on Revolut’s platforms to five.
The financial technology firm now allows more than 1.8 million customers to buy, sell and hold Bitcoin Cash and Ripple XRP alongside the already installed Bitcoin, Litecoin and Ethereum. Users will also be able to transfer the virtual currencies to other Revolut accounts, with the entire exchange taking just 30 seconds.
London-based fintech firm also says that in the future it plans to add more types of investment vehicles and a slew of other cryptocurrencies
Since launching the new version of its app in January, Revolut has seen a tremendous amount of interest. The company revealed that 20 percent of the App users have now unlocked cryptocurrency trading, who are currently conducting 100,000 Bitcoin, Litecoin and Ethereum exchanges every day.
The new listings follow on the heels of launching a new tool, called Revolut Vaults, which allows users round up and save the spare change from their everyday purchases.
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The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency purchases for its users.
Revolut, which allows people to transfer money cross-border and spend abroad in 120 currencies with no fees, promises to offer competitive rates on crypto transactions, charging only a flat, up-front 1.5 percent without other hidden fees. This is compared with higher fees on other platforms that the company claims can add up to 5 to 9 percent of the transaction value.
Revolut also offers enhanced consumer protection as the company is building its internal payment processor, which means that it does not have to rely on a third-party provider to facilitate customers’ transactions and has more control in the event of a processing failure.
Commenting on the news, Vlad Yatsenko, Co-Founder & CTO of Revolut, said: “We’ve been asking the Revolut community which cryptocurrencies they would like to see next, and the demand for both XRP and Bitcoin Cash has been absolutely overwhelming. After months of negotiations and development work, we’re incredibly excited to offer exposure to these two digital currencies to the UK market.”
He also noted: “We launched this world-first feature in order to offer frictionless exposure of Cryptocurrencies to the mainstream population. The idea of exchanges, private keys and cold storage is a complete turn off for some people, so we wanted to offer a simple way for consumers to get exposure in this area.”