Revolut now allows payment in cryptocurrencies

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Nigel Frith
Nigel Frith
Former Global General Manager
Nigel was the Global General Manager at FXcompared. Nigel has a background in marketing for businesses and consumers as well working in a variety of online financial services roles. Read more

Revolut is now offering support for the major cryptocurrencies. From now on, it will be possible to make money transfers using three main cryptocurrencies, namely Litecoin, Bitcoin and Ethereum, and you will be able to use any of the 25 base currencies to buy them. This will be achieved through the Revolut mobile app.

There are no hidden fees associated with the process; however, Revolut will apply a fixed 1.5% markup.

The new feature also allows the account owners to hold cryptocurrencies for as long as they want. They can transfer them to other Revolut users free of charge.

Revolut has had 10,000 new users signing up in just six days, with users hoping to test the beta version’s functionality.

Nikolay Storonsky, CEO and founder of Revolut, stated that even though cryptocurrencies are one of the hottest trends right now on a global scale, gaining exposure to them has been expensive and time-consuming. According to Storonsky, the company will make them accessible to everyone, which, compared to the other platforms, will be much faster.

Storonsky said: “By allowing our customers to seamlessly buy, hold and sell cryptocurrency, we are living up to our reputation of being a disruptive innovator in the world of finance. Cryptocurrency exposure has consistently been the number one requested feature from our customers and so we listened and took action.”

Chief Platform Engineer at Revolut Lewis Tuff believes the barrier of entry when it comes to mass adoption of cryptocurrencies has been lessened. He views the process of gaining user exposure to cryptocurrencies through Revolut as seamless, simple and secure.

In other news, Revolut has also made an announcement that they have applied for a European banking licence. It was revealed that the banking platform has received over 16,000 business sign-ups in only three months.


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