It had extended its geographic coverage to America and Asia through a partnership with Visa. Revolut is expanding this time the list of cryptocurrencies available on its platform.
Newcomers to Revolut
Revolut added 4 new cryptocurrencies to its platform, allowing its customers in the European Economic Zone to purchase EOS, OMG Network (OMG), 0x (ZRX) and Tezos (XTZ).
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Stellar Lumens (XLM) and other cryptocurrencies are available on the app.
According to an article published by Finance Magnate December 10, 2020, Revolut would have added these tokens in response to strong demand from its customers.
Customers of Revolut based in United States will only have access to a limited number of tokens, namely the BTC, theETH, the BCH and the LTC.
A challenger with a closed system
Revolut is positioned as a challenger to traditional banks, like CashApp and Venmo, and describes itself as an alternative digital bank that allows its users to maintain control over their funds.
The company based in London offers its customers lower conversion fees than commercial banks as well as the ability to acquire cryptocurrency.
A report published in August 2020 indicated that Revolut held £ 2.2 billion as holdings of fiat currencies.
Revolut however, imposes limitations on the use of cryptocurrencies.
Tokens purchased via the application cannot be transferred to external addresses and therefore remain blocked within Revolut.
Cryptos can, however, be sent to other customers of Revolut. This system is similar to that of PayPal.
Cryptocurrency trading has been available for US users since November 2020 but, cryptos cannot be removed from the platform.
Little thumb will become a giant? Revolut is nowhere near the size of PayPal, or of generating as much interest as the latter – All it took was for PayPal to announce the upcoming launch of its crypto services in October 2020, for Bitcoin to start a bullish rally that took it to its current level of 23,100 USD. Listing new cryptos improves Revolut’s offering and allows newer cryptos to increase their adoption rate. The young shoot can stand out from giants like PayPal, by opening its system. Open borders to score points: confinement cannot last forever.
Litecoin, welcome in the Silver Age