Revolut Introduces Cryptocurrency Trading

Revolut Introduces Cryptocurrency Trading

The fintech company Revolut is now merging traditional banking with digital currency by adding cryptocurrency trading to its services.

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The fintech company Revolut is now merging traditional banking with digital currency by adding cryptocurrency trading to its services.

According to company`s CEO Nikolay Storonsky, cryptocurrency trading will open to all Revolut users on Thursday this week. As a result, users will have the chance to buy, sell, trade, and hold Bitcoin, Litetecoin, Ether, and other fiat currencies.

Revolut promises to offer competitive rates on crypto transactions, charging only a fiat, up-front 1.5 percent without other hidden fees that can add up to 5 percent to 9 percent on other platforms.

Founded by Nikolay Storonsky and Vlad Yatsenko, Revolut has signed up over 1,000,000 users in Europe and processed 42 million transactions in just two years. The company claims that they have saved customers about $160 million with their free international money transfers.

However, the market they operate in is growing with rivals like N26 and Monzo that offer similar payments services to their customers. Perhaps, this is the reason why Revolut is turning to cryptocurrencies. In this way, they could differentiate from the competition.

As Storonsky told Tech Crunch, crypto is one of the “hottest trends in the world right now”. In the future, cryptocurrencies are bound to become an important part of banking, as he added.

It seems like the new feature has proven to be quite popular among users. Revolut`s week-long crypto beta test has shown the inspiring result:  10,000 customers who traded $1 million in cryptocurrency.

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