Revolut Expands Crypto Offering with 11 Trendy Tokens

Friday, 09/04/2021 | 13:25 GMT by Arnab Shome
  • The new cryptocurrencies will be initially available in the US and the UK.
Revolut Expands Crypto Offering with 11 Trendy Tokens
FM

Revolut, the London-headquartered challenger bank, announced the addition of 11 more Cryptocurrencies to its offerings for its customers in the United Kingdom and the United States.

The newly added digital currencies are Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph. The list includes the popular digital currencies, which saw a massive jump in their prices due to the increased demand.

“2021! Revolut’s year of crypto,” the company stated in the announcement. “A whole year to bring you new features, new tokens and a few other surprises along the way.”

Crypto Demand Is Rising

The fintech company first added cryptocurrencies in its offerings in 2017 with just Bitcoin but expanded the list with Ethereum and Litecoin, as well, later that year.

Revolut is primarily offering digital banking services to its customers spanning across 35 countries. But the company saw a massive surge in crypto trading over the years as its customers held more than $120 million in cryptocurrencies.

In addition, the company is slowly expanding its crypto services to all its operating countries although it is unclear when it will update its global offerings with the newly added cryptos.

With the demand growing in crypto, the fintech company also updated the terms of its crypto offerings last year, giving its users a so-called ‘beneficial right’ to their holdings. However, the users can only transfer their digital currency holdings to another Revolut user, not to any outside wallet address.

Furthermore, the announcement stressed that the company stores all digital currencies in cold wallets to protect the user funds from any mishaps.

“The majority of our crypto funds are held in Cold Storage with some of the best custodians in the crypto game. External hard drives used for cold storage are disconnected from any networks when crypto transactions aren’t happening, so they’re very resistant to hacking,” Revolut noted.

Revolut, the London-headquartered challenger bank, announced the addition of 11 more Cryptocurrencies to its offerings for its customers in the United Kingdom and the United States.

The newly added digital currencies are Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph. The list includes the popular digital currencies, which saw a massive jump in their prices due to the increased demand.

“2021! Revolut’s year of crypto,” the company stated in the announcement. “A whole year to bring you new features, new tokens and a few other surprises along the way.”

Crypto Demand Is Rising

The fintech company first added cryptocurrencies in its offerings in 2017 with just Bitcoin but expanded the list with Ethereum and Litecoin, as well, later that year.

Revolut is primarily offering digital banking services to its customers spanning across 35 countries. But the company saw a massive surge in crypto trading over the years as its customers held more than $120 million in cryptocurrencies.

In addition, the company is slowly expanding its crypto services to all its operating countries although it is unclear when it will update its global offerings with the newly added cryptos.

With the demand growing in crypto, the fintech company also updated the terms of its crypto offerings last year, giving its users a so-called ‘beneficial right’ to their holdings. However, the users can only transfer their digital currency holdings to another Revolut user, not to any outside wallet address.

Furthermore, the announcement stressed that the company stores all digital currencies in cold wallets to protect the user funds from any mishaps.

“The majority of our crypto funds are held in Cold Storage with some of the best custodians in the crypto game. External hard drives used for cold storage are disconnected from any networks when crypto transactions aren’t happening, so they’re very resistant to hacking,” Revolut noted.

About the Author: Arnab Shome
Arnab Shome
  • 6419 Articles
  • 84 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6419 Articles
  • 84 Followers

More from the Author

FinTech

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}