With the constant surge in the price of bitcoin, the Blockchain technology-based cryptocurrency also has become quite ubiquitous. Bitcoin has proven it’s just irresistible and too hard to ignore for institutional investors, FinTech companies and to some extent government.
Although Bitcoin has been in existence since 2009, when the anonymous programmer and cryptographer Satoshi Nakamoto created the cryptocurrency, 2017 has been the most fabulous year yet. Various institutional investors like the CBOE Global, the CME Group, the Swiss-based Falcon bank, the Shinhan bank of South Korea and now Revolut Fintech company has started offering bitcoin and cryptocurrency trading services.
Revolut Integrates Cryptocurrency Trading Into Its Mobile Banking Platform
Revolut is a London-based FinTech company founded in 2014 by Nikolay Storonsky. The FinTech firm which offers mobile banking services has now integrated cryptocurrencies trading into its mobile banking platform. Users of the Revolut app can now successfully buy, sell or trade bitcoin, ether, and litecoin along with support for 25 fiat currencies.
The CEO of Revolut, Nikolay Storonsky, who was present at TechCrunch’s Disrupt Berlin conference, announced that users of the app will now be able to trade cryptocurrencies with Revolut.
If a Revolut customer suddenly runs out of fiat currency while trying to carry out a payment transaction using the Revolut debit card, the platform automatically converts into fiat; the necessary amount of cryptocurrency needed to complete the transaction provided the user has cryptocurrency in their Revolut app. In Storonsky’s announcement, he said:
“Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive.”
While some see Revolut’s integration of cryptocurrencies into its platform as an unnecessary distraction from the company’s core operation, the CEO believes cryptocurrency use is gaining broader acceptance and would soon become a significant part of all banking. Storonsky noted that about 10,000 customers traded $1 million in cryptocurrency during Revolut’s week-long crypto beta test.
Revolut Promises Cryptocurrency Users Best Rates
Revolut has promised to give its customers the most competitive rates on crypto transactions when its cryptocurrency trading feature gets into full operation. Revolut has said it would charge a flat rate of 1.5 percent without any hidden charges and customers will be able to buy cryptocurrencies using all Revolut’s base currencies thereby eliminating extra foreign exchange fees that are charged when purchasing with other fiat currencies like the Swiss francs for instance.
With the integration of Cryptocurrency into Revolut’s platform, the FinTech giant is sure living up to its slogan, “The Global Money App’ Beyond Banking”; this crypto innovation will undoubtedly attract even more customers to Revolut sooner than later.