Business World

Tuesday 18 September 2018

Revolut responds to 'overwhelming' calls to expand their crytpocurrency portfolio

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Louise Kelly

Louise Kelly

Revolut has responded to "overwhelming" calls to expand their portfolio of crytpocurrencies by adding XRP and Bitcoin.

The fintech startup has allowed their customers to buy, sell and hold Bitcoin, Litecoin or Ethereum directly from the firm's app since December 2017.

Revolut has stated that the exchange process for the cryptocurrency will be as instantaneous and as simple as topping up a Revolut account in a user's base currency.

The digital banking alternative currently serves more than 100,000 customers in Ireland, with 40pc using Revolut as their primary spending card at home and abroad.

Customers of the London-based industry disruptor can exchange 25 fiat currencies directly into cryptocurrency, which can then be held and sold directly within the app in seconds.

The function also allows customers to 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," Vlad Yatsenko, Co-Founder & CTO of Revolut said.

"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.

"We’ve been asking the Revolut community which cryptocurrencies they would like to see next, and the demand for both XRP and Bitcoin Cash has been absolutely overwhelming."

Earlier this month, Revolut launched a new savings feature that allows users in Ireland to bank spare cash from their everyday purchases.

Vaults allows users to round up and save their spare change from their monthly transactions, whether regular or once-off.

The company also recently announced that it raised a further $250m (€205m), increasing its value five-fold to $1.7bn in less than a year.

Among the investors is Dublin-listed Draper Esprit, which announced an investment of up to $16.5m (€13.5m) in the company.

Pay-per-day geolocation travel insurance and disposable virtual cards are just two other new product offerings from the online bank this year.

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