Mobile banking app Revolut launched a feature last December that allows its 1.8 million customers to buy, hold and sell cryptocurrencies instantly from within the app. Revolut has today added XRP and Bitcoin Cash to its list of growing cryptocurrencies.
The announcement comes after several weeks of patience by crypto enthusiasts who had been waiting for the additions since the Revolut team missed an initial target date in March and then teased its audience on Twitter with the upcoming functionality.
The London-based fintech company’s app already allows its customers to buy and sell Bitcoin, Litecoin and Ethereum, and instantly exchange 25 fiat currencies into cryptocurrency, which can then be securely held and sold directly within the app in seconds. Crypto traders can also set up alerts whenever a specific cryptocurrency hits a certain value.
We launched this world-first feature in order to offer frictionless exposure of Cryptocurrencies to the mainstream population. The idea of exchanges, private keys and cold storage is a complete turn off for some people, so we wanted to offer a simple way for consumers to get exposure in this area. – Vlad Yatsenko, Co-Founder & CTO of Revolut.
According to the company, fans of XRP and Bitcoin Cash made an overwhelming demand to have these two major cryptocurrencies added.
Last week, Revolut launched a new savings feature called Vaults, which allows customers to round up their card payments to the nearest whole number and save up their spare change in cryptocurrencies. Since then, more than 50,000 customers have set up a Cryptocurrency Vault.
Revolut, which launched in July 2015, has taken on the financial banking sector with a mission to flip it upside down and free customers from the grip of physical branch locations, extensive paperwork and banking procedures that prohibit cross-border transactions. Its mobile-friendly banking approach lets users set up an app-based account in 60 seconds, allowing them to spend abroad in over 150 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate.
Since July 2015, Revolut has signed up over 1.7 million customers across Europe and processed 60 million transactions with a total volume transaction of $15 billion to date. Revolut has raised a total of $336m from some of the most notable investors including Index Ventures, Balderton Capital, Ribbit Capital and DST Global.
