Revolut is adding Ripple and Bitcoin Cash to its payment app. The London fintech company announced the expansion today, building on the crypto offerings it already provides to customers. The company
Revolut is adding Ripple and Bitcoin Cash to its payment app. The London fintech company announced the expansion today, building on the crypto offerings it already provides to customers.
The company launched in 2015 and focused initially on foreign exchange. It offers debit cards, a mobile payments app, and travel insurance across 25 fiat currencies. About two million customers use the platform.
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Last year Revolut made Bitcoin, Ethereum, and Litecoin available to users who wanted to buy, hold, and exchange them directly in the app. Now, less than six months later, it's adding two more tokens. Anyone with a Revolut account can convert between any of the 25 supported fiat currencies and XRP or BCH without leaving the application.
The company explained the move in a blog post: "With hundreds of thousands of customers now actively exchanging cryptocurrencies in the app, the popular view was that we needed to add more digital currencies in addition to Bitcoin, Litecoin, and Ether." One in five of its customers have turned on the crypto feature. The company processes 100,000 digital transactions daily.
Revolut charges 1.5 percent on crypto trades. Quartz reported that Revolut set this rate to offset the volatility risk. Traditional exchanges and brokers demand five to nine percent from customers for the same service.
Banks have steered clear of cryptocurrency services. Fintech startups are stepping into that gap. This month, BTC.com, a Chinese digital currency company, launched a mobile wallet through Huawei's AppGallery. Millions of Android users in China can't access Google Play, blocking their path to cryptocurrency apps. BTC.com's wallet now lets Huawei users get a cryptocurrency app for the first time. The Chinese mobile payments market is worth $12.8 trillion.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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