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Tuesday, October 23, 2018

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Revolut introduces cryptocurrency feature

Jordan Williams | 16:58 Wednesday 13th December 2017

Revolut has added a new feature to its mobile app which allows customers to buy and exchange three major cryptocurrencies.

Customers will be able to buy bitcoin, litecoin or ethereum using any of the 25 base currencies via the Revolut app.

Revolut will apply a 1.5% mark-up during the exchange process with no hidden fees.

The feature also allows customers to securely hold their cryptocurrency within the Revolut app or transfer it to other Revolut customers instantly for free.

More than 10,000 Revolut customers signed up in just six days to test the beta version.

Nikolay Storonsky, founder and CEO at Revolut, said: “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.

“By allowing our customers to seamlessly buy, hold and sell cryptocurrency, we are living up to our reputation of being a disruptive innovator in the world of finance.

“Cryptocurrency exposure has consistently been the number one requested feature from our customers and so we listened and took action.”

Lewis Tuff, chief platform engineer at Revolut, added: “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.”

Revolut recently announced that it had applied for a European banking licence.

The mobile banking platform also revealed that over 16,000 businesses had signed up to its business account in just three months.

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