Revolut Expands Its Crypto Offerings, Adds XRP and BCH

0
987

Fintech payment platform Revolut has today announced that it has added XRP and BCH to its list of offerings, further cementing itself as a digital banking alternative.

Launched in 2015, the London-based platform is aiming to revolutionise the foreign exchange currency market by providing the best exchange rates, the lowest fees, and no interest charges among its 25 supported fiat currencies. Calling itself a ‘banking alternative,’ the platform provides its nearly two million customers with a debit card, a payment app, and travel insurance.

In a bid to open its market and make itself more accessible to people, Revolut added Bitcoin, Ethereum, and Litecoin to its services last year. By doing so, the platform enabled them to buy, hold, and exchange the three altcoins directly from Revolut’s app.

Now, less than six months later the payment company has revealed that it is adding a further two cryptocurrencies to its portfolio. Users will be able to instantly exchange any of the 25 supported fiat currencies into XRP or BCH, according to a company blog.

“With hundreds of thousands of customers now actively exchanging cryptocurrencies in the app, the popular view was that we needed to add more digital currencies in addition to Bitcoin, Litecoin, and Ether,” it reads.

According to Revolut, most exchanges and brokers often impose fees that can cost consumers between five and nine percent for exchanges. However, with them it only charges a 1.5 percent fee, and according to a report from Quartz, this is to offset the volatility risk.

Due to the popularity that the cryptocurrency market is continuing to experience, Revolut have said that they handle 100,000 daily digital token exchanges from its users, whereas, 20 percent of its customers have unlocked the cryptocurrency feature so far. It’s expected that as the platform adds more tokens more users will turn to this feature where they can access an array of currencies under one app.

With banking institutions failing to provide support to services that would enable users to access cryptocurrencies, startups like Revolut are working at filling the gap.

Earlier this month, it was reported that BTC.com, a Chinese digital currency platform, had launched the first mobile cryptocurrency wallet on Huawei’s AppGallery. With many Android users unable to access Google Play they remain on the outskirts of being about to pay for things with cryptocurrency.

BTC.com’s wallet gives Huawei users a chance to interact with a digital currency app for the first time, as it taps into the $12.8 trillion mobile payment market in China.