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Revolut Enables Cryptocurrency Purchases and Exchanging Through its Mobile Banking app

by on December 5, 2017
 

More and more financial institutions jump on the cryptocurrency bandwagon. Various banks focus on Bitcoin futures, but Revolut does things differently This European digital banking outfit lets users buy, hold, and exchange three cryptocurrencies through its mobile app. It is a novel idea that will certainly be appreciated by a lot of customers.

It is evident Revolut is getting with the program. Consumers all over the UK want to be exposed to cryptocurrencies. That is much easier said than done though. In most cases, traditional investment vehicles work best. Futures contracts are of great interest to most financial players. However, this digital banking outfit does things a bit differently. They let users buy Bitcoin, Ethereum, and Litecoin directly through the mobile app.

Revolut Banks on Cryptocurrency Services

Moreover, this mobile app also serves as a wallet and exchange. It is an interesting take on things. We need more competition in this ecosystem, though. It has been difficult for UK customers to buy cryptocurrency as of late. Moreover, Europe is a pretty small market when it comes to cryptocurrencies as well. Revolut is slowly trying to change all of that. It will take some time until we see proper results. For now, the feature supports 25 base currencies and FX fees are eliminated altogether.

Revolut CEO Nikolay Storonsky comments as follows:

“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.”

This is a major step forward for the challenger bank. It is a world’s first, or at least in the European market. Anyone can buy cryptocurrency with relative ease, which is a positive sign. Moreover, exchanges are far too unreliable these days. Money transfers take too long to be credited and the overall infrastructure is insufficient. Whether or not Revolut will make a positive impact in this regard, remains to be seen. This feature will in beta and has already received over 10,000 signups. There is a 1.5% markup during the exchange process.

Header image courtesy of Shutterstock

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