Getting exposure to cryptocurrency is becoming one of the hottest trends in the world today. The legitimacy of cryptocurrency has also been recognized in the international markets. The trade for Bitcoin, Litecoin, and other digital currencies is allowing traders to transfer money across with no fees.
Revolut, a London-based digital payments company is one of the many, which is allowing customers to trade in digital currencies. The transactions, which are running through a mobile app are intended to erase the divide between old and new money. The $90 million-funded mobile banking startup is as a result of the company’s integration of bitcoin support last July.
The Revolut app currently offers digital banking
It is evident that cryptocurrency could be a distraction from Revolut’s core business. However, the company’s CEO Nikolay Storonsky claims that crypto is expected to become a critical part of all banking. He further confirmed that Revolut users will be able to trade in cryptocurrency very soon. While the exposure to cryptocurrency is becoming an expensive affair, Storonsky cites that the new integrations could help in clearing the world for the right use.
The Revolut app is not only offering digital banking but also card payment services through MasterCard. Records have it that close to 10,000 customers have traded in $1 million in cryptocurrency. Bitcoin is already blowing past $10,000 per coin, which means crypto is going mainstream.
Revolut has the potential to attract more customers
Revolut has hit the one million user milestone and it has the potential of drawing more customers. In any case, cryptocurrency has been the most requested feature. Storonsky asserts that Revolut is expected to provide competitive rates but it is reportedly going to charge a flat, up-front 1.5 percent to its customers.
Having opened two years ago, Revolut claims to have saved customers $160 million in foreign exchange fees. However, the app will have to embrace competition from a fast-growing modernized debit card market the likes of N26 and Monzo. At the same time, customers will be able to use Revolut’s base currencies. The app is expected to support more than 50 fiat currencies in the future.