Customers of London-based fintech firm Revolut are now holding $121 million worth of Bitcoin and five other crypto assets.
In the company’s 2019 annual financial report, Revolut says it witnessed an increase of 150% in its customer’s cryptocurrency holdings. As of December 31st, 2019, the investment unicorn’s crypto holdings surged to $121 million from $48.33 million in 2018.
According to data from Revolut reported by Finextra, once Bitcoin showed signs of recovery from its mid-March crash and began its now four-month-long uptrend, interest in the crypto market came to life. In the two weeks after April 20th, the number of UK customers investing in cryptocurrencies grew by 68% and the average amount of cryptocurrency bought increased by 57%.
The company bills itself as the “first truly global financial superapp.” Revolut serves as a broker to its 12 million customers throughout Europe and the US by offering exposure to a wide range of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Stellar Lumens (XLM). Revolut notes that it owns the underlying crypto assets.
The company stores the digital assets in several ways including entrusting a crypto custodian, a cryptocurrency wallet provider, and currency exchanges that host hot wallets, or wallets that are connected to the internet, and cold wallets, or wallets that are offline.
The money transfer and exchange firm processes 100 million transactions per month.
Revolut’s CEO Nikolay Storonsky has a history of standing up for cryptocurrencies in the past, publicly disagreeing with JPMorgan Chase CEO Jamie Dimon who called digital assets “a fraud” that will “blow up” in 2017.