— Revolut (@RevolutApp) 5 December 2017
The UK-based digital banking company will merge traditional and cryptocurrencies by allowing users to hold Bitcoin, Litecoin, Ether and fiat currencies in one account. Revolut users who run out of fiat can opt into automatically having their cryptocurrency converted into the amount needed to complete a transaction when paying with their Revolut card. The company’s CEO Nikolay Storonsky has said the change will open up the opportunity to trade cryptocurrencies to all.
Buying cryptocurrencies via an exchange can be time-consuming and overly cumbersome says Stronsky; Revolut hopes to provide a solution.
Why It’s Important
Cryptocurrencies are gaining traction and Storonsky thinks the digital assets will swiftly become an important part of banking. During the company’s week-long beta test, 10,000 users exchanges $1m in cryptocurrency suggesting there is a lot of demand for Revolut’s latest innovation. The company will charge a flat 1.5% for processing transactions, compared with up to between 5% and 9% on other platforms.
— Emil Stahl (@emilstahl) 1 December 2017
Users went to Twitter to announce their successes used the company’s app to buy cryptocurrencies during beta testing. Though some commentators are worried that while its smiles all round while cryptocurrencies continue to increase in value, sharp declines could hurt investors.
Revolut is expected to fully launch this feature today.