Revolut, a trading platform that has captured the title of the fastest-growing “unicorn” fintech company, has recently announced the launch of Bitcoin Cash and Ripple support for the Revolut trading app. The addition of BCH and XRP to the trading app will see the Revolut user base, which currently executes over 100,000 trades daily, exposed to the two popular cryptos.
Founded by CEO Nikolay Storonsky in 2017, Revolut is based around a core offering of app-driven payment card solutions. Since launch, however, Revolut has added a series of additional financial services that now include the option to invest in a range of different cryptocurrencies.
— Revolut (@RevolutApp) May 24, 2018
Revolut Facilitates Simple Crypto Investing
Revolut launched cryptocurrency investment services in 2017, and now makes it possible for users to purchase and hold a range of cryptos that includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. The Revolut platform charges users a 1.5% transaction fee, and boasts 100,000 crypto transactions daily.
The Revolut platform, however, differs from other cryptocurrency platforms like Coinbase. Unlike traditional crypto exchanges or brokers, Revolut doesn’t provide users with the ability to manage their own wallets. Instead, Revolut offers users the option to deposit fiat currency and purchase cryptos within the closed Revolut ecosystem — tokens purchased through Revolut can’t be transferred out of the platform, and can only be liquidated by selling them for fiat within Revolut.
Interestingly, it is possible to use the Revolut card — which is paired with the Revolut app — to use cryptocurrency to pay in fiat currency. Users are able to deduct fiat purchases from their Revolut cryptocurrency holdings at market rates at the time of purchase. It’s also possible to transfer cryptocurrency between Revolut accounts.
The move to allow Bitcoin Cash and Ripple purchases via Revolut was announced in a blog post on May 24:
“After months of debate and hard work, we’re extremely proud to welcome XRP and BCH to the Revolut app, which means you can now instantly exchange any of our 25 supported fiat currencies directly into XRP and BCH.”
While Revolut doesn’t offer users the same features presented by more robust cryptocurrency exchanges, it does provide new cryptocurrency investors with a relatively simple and approachable method of investing capital in the cryptocurrency market, thereby accelerating widespread adoption.
Cover Photo by Federico Beccari on Unsplash