Revolut Plans for Worldwide Expansion of Crypto app
London-based Banking app Revolut has extended a push into cryptocurrencies, despite the Bitcoin boom. Now, the digital payment unicorn is expanding at a rapid rate and is planning to bring its crypto app to a larger base of customers and increase its reach.
Headquartered in London, United Kingdom, the crypto app of Revolut features cryptocurrencies like Ethereum, Bitcoin, Ripple (XRP), Bitcoin Cash and Litecoin. Revolut revealed its plan of getting fully launched in other nations as well. The countries it is planning to target are the US, Canada, New Zealand, Singapore, Australia and Hong Kong. It might begin with its expansion plans in the next few months.
Revolut Ltd. is a digital banking alternative that includes a currency exchange, pre-paid debit card (MasterCard or VISA), cryptocurrency exchange (Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC)) and peer-to-peer payments. The Revolut App gives customers instant access to Bitcoin, Litecoin, Ripple, and Ether by exchanging to/from 25 fiat currencies. Even though cryptocurrencies remain in the app, they cannot be moved to another cryptocurrency wallet.
The company currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends. It charges a 1.5 percent markup, for crypto purchases, on ‘the average exchange price’ which is obtained using live prices from its partner exchanges. Users may not directly transfer crypto in or out of the app due to ‘strict regulation’ but can send crypto to other users using the ‘payment option’.
The London-based app provider’s move to offer cryptocurrency services came about following the completion of a $66 million Series B funding round last year. Index Ventures, Ribbit Capital and Balderton Capital took part in the round.
Revolut is one of the fastest growing fintech platforms in the world which allows instant transfers across borders in more than 120 nations. It has claimed that it is now signing up 6,000 new customers per day and has a user base of two million customers, one million customers are from the UK alone!
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