Mobile banking startup Revolut has fully launched cryptocurrency services for its pre-paid cards, joining other providers in the process as they prepare to harness the blockchain in the belief that it could cut billions off costs and transform the way their industry works.
The financial technology firm now allows all customers to buy, sell and hold several cryptocurrencies including Bitcoin, Ethereum and Litecoin. Users will also be able to transfer the virtual currencies to other Revolut accounts, with the entire exchange taking just 30 seconds.
Earlier in December, Revolut rolled out the new cryptocurrency features to clients who paid for a premium version of Revolut app, while the access of other users is pending them upgrading their accounts or referring 3 friends.
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The initiative is aimed at turning the app-based bank into a provider of several cryptocurrency transactions so that it can enable its users to conduct crypto transactions in-app, alongside 25 global fiat currencies.
Effective today, Revolut clients are able to transact cryptocurrencies without foreign exchange fees, even for those using minor currencies such the Polish zloty. The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency purchases for its more than half a million 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 will offer enhanced consumer protection as the company is building its own 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.