By Josiah Wilmoth
Revolut, widely hailed as the U.K.’s hottest fintech startup, has just added support for cryptocurrency trading within its smartphone app.
Revolut Adds Cryptocurrency Trading
The London-based company announced that beginning Thursday, Revolut’s more than 1 million users will have the ability to buy, sell, and hold cryptocurrency directly from the mobile banking app.
“Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive. We’re going to open up cryptocurrency exposure to everyone, faster than any other platform on the market, said Nikolay Storonsky, founder and CEO at Revolut.
The announcement comes just weeks after U.S. financial services app Square Cash began a pilot program that allows a limited pool of users to buy and sell bitcoin from within the app. The company has gradually begun to roll out this functionality to more users, but it has not yet stated whether it will permanently integrate it into the Square Cash platform.
Mass Adoption Requires Reduced Barrier to Entry
Revolut made the decision to add full-fledged support for cryptocurrency trading after holding a similar beta test earlier this year. During the week-long trial, the company reported that 10,000 customers traded more than $1 million in cryptocurrency.
The company took this as evidence that many users desire to enter the cryptocurrency ecosystem but are prevented by complex on-boarding processes.
“To drive mass adoption of cryptocurrencies we believe the barrier to entry has to be reduced. With Revolut introducing cryptocurrencies into our platform we’re allowing all users to gain exposure to digital currencies in a simple, secure and seamless manner, “said Lewis Tuff, the company’s chief platform engineer.
At launch, the app will support bitcoin, ethereum, and litecoin. Users will be able to pay with any of the 25 base currencies currently integrated into the app, providing significant savings to users who heretofore had to convert their local currency into dollars or euros before they could purchase cryptocurrency at a major exchange.
This functionality will not be restricted to just buying, selling, and holding, however. Cryptocurrency balances will also function as a sort of overdraft protection. If you run out of fiat currency when using your Revolut debit card, the system will automatically convert part of your cryptocurrency balance into fiat currency to fund the transaction and prevent your card from being declined.
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Featured Image from Revolut
By Josiah Wilmoth