Revolut Teams Up with Bitstamp for In-app Cryptocurrency Transactions
- Revolut promises to offer competitive rates on crypto transactions, charging only a flat, up-front free of 1.5%.
Bitcoin exchange Bitstamp has been appointed as a new partner for European digital banking outfit Revolut to facilitate cryptocurrency purchases for its more than half a million users. Bitstamp won the role of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term supplier over other digital exchanges thanks to its ability to tailor its model to suit Revolut.
The new partnership merges the core capabilities of a leading digital exchange with those of a payment service provider and adds the regulatory framework of an authorized European bank.
In partnering with Bitstamp, Revolut claims to have become the first company to allow users conduct crypto transactions in-app, alongside 25 global fiat currencies. Revolut customers can now spend supported currencies using Visa, Mastercard credit or debit cards to purchase bitcoin (BTC), litecoin (LTC) and ethereum (ETH).
As it scales, Revolut has previously announced plans to work with crypto providers to roll out the services that a traditional bank wouldn’t typically provide to customers.
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 it can add up to 5 to 9 percent of the transaction value.
Additionally, the partnership will reportedly allow Revolut customers to enjoy faster and more convenient transactions while shifting between fiat and digital currencies. For example, if a customer doesn’t hold fiat currency in his Revolut account, the mobile-banking provider will convert his crypto holdings within the app when using his card with the best possible rate.
Revolut’s users, about half of them are based in the UK and another half in Europe, can also save extra foreign exchange fees as the company will allow them to buy through all of its base currencies.
Bitstamp CEO Nejc Kodrič commented: “Our partnership will enable Revolut users to have the same level of functionality of BTC, LTC, ETH that they have with any of their other currencies. The increase in Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, speed and ease of use unlocked by this partnership are significant steps toward wider adoption of cryptocurrency as the offering becomes more mainstream.”
Lewis Tuff, Revolut’s Chief Platform Engineer, added:“This is something that our customers have wanted for a long time. We think Bitstamp is the perfect partner as we provide Revolut customers with the ability to convert fiat money to cryptocurrencies, making the process much faster and much more accessible.”
Bitcoin exchange Bitstamp has been appointed as a new partner for European digital banking outfit Revolut to facilitate cryptocurrency purchases for its more than half a million users. Bitstamp won the role of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term supplier over other digital exchanges thanks to its ability to tailor its model to suit Revolut.
The new partnership merges the core capabilities of a leading digital exchange with those of a payment service provider and adds the regulatory framework of an authorized European bank.
In partnering with Bitstamp, Revolut claims to have become the first company to allow users conduct crypto transactions in-app, alongside 25 global fiat currencies. Revolut customers can now spend supported currencies using Visa, Mastercard credit or debit cards to purchase bitcoin (BTC), litecoin (LTC) and ethereum (ETH).
As it scales, Revolut has previously announced plans to work with crypto providers to roll out the services that a traditional bank wouldn’t typically provide to customers.
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 it can add up to 5 to 9 percent of the transaction value.
Additionally, the partnership will reportedly allow Revolut customers to enjoy faster and more convenient transactions while shifting between fiat and digital currencies. For example, if a customer doesn’t hold fiat currency in his Revolut account, the mobile-banking provider will convert his crypto holdings within the app when using his card with the best possible rate.
Revolut’s users, about half of them are based in the UK and another half in Europe, can also save extra foreign exchange fees as the company will allow them to buy through all of its base currencies.
Bitstamp CEO Nejc Kodrič commented: “Our partnership will enable Revolut users to have the same level of functionality of BTC, LTC, ETH that they have with any of their other currencies. The increase in Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, speed and ease of use unlocked by this partnership are significant steps toward wider adoption of cryptocurrency as the offering becomes more mainstream.”
Lewis Tuff, Revolut’s Chief Platform Engineer, added:“This is something that our customers have wanted for a long time. We think Bitstamp is the perfect partner as we provide Revolut customers with the ability to convert fiat money to cryptocurrencies, making the process much faster and much more accessible.”