Revolut, one of the major UK-based challenger banks, has added Stellar lumens (XLM) in its cryptocurrency offerings, allowing its users to buy and sell the token.
First reported by Coindesk on Monday, the new listing happened due to “overwhelming demand” for XLM among Revolut users. It has become the sixth token in the challenger bank’s offering list, including Bitcoin, Ether, Bitcoin Cash, and XRP.
Revolut customers can buy, sell, and hold these digital currencies using their regular accounts.
Giving customers the rights to their digital currencies
The UK-headquartered company first introduced in-app cryptocurrency support in early 2018, but unlike any other crypto platforms, there was a catch. Revolut customers were not given the digital assets; instead, the platform was holding ownership rights.
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Last month, however, the platform updated its terms, giving its customers the beneficial rights to hold and store their digital currencies. This came as the platform opened its crypto services to all its UK customers – before only the Premium and Metal customers were allowed to buy, sell, and hold crypto.
Despite the so-called “beneficial right” to the crypto holders, there are still some limitations. The Revolut customers can only transfer the digital currencies within the platform’s ecosystem, meaning none of them can send their holdings to any external wallet.
“Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our crypto product,” Revolut’s crypto head Ed Cooper said.
Revolut is among the most-valued fintechs in the UK and Europe, and it is now focusing on the expansion into the overseas market. It entered the United States this year and also opened its cryptocurrency services to the customers in all states except Tennessee. There, it partnered with Paxos, a crypto company that recently started brokerage services, to gain regulatory permission.