Revolut Adds Bitcoin Cash and Ripple Trading, Raises $250 Million

Mobile phone-based bank Revolut is now offering Bitcoin Cash and Ripple trading, according to Global Coin Report.

Revolut is a fintech firm that was founded in July 2015 in London. It describes itself as a “digital banking alternative”, offering a pre-paid debit card, a cross-border money transfer service and a cryptocurrency exchange.

Its cryptocurrency transactions are made available via its partnership with Bitstamp, a Luxembourg-based cryptocurrency exchange which is actually the oldest in the world.

Revolut previously offered only Bitcoin, Litecoin and Ethereum. Cryptocurrency can be purchased on the Revolut app with 120 different fiat currencies.

Bitcoin Cash is a spin-off of Bitcoin and has a market capitalisation of almost $25 billion. Created by the controversial Roger Ver, it was designed to be more streamlined for everyday use than its parent.

Ripple is worth nearly $25 billion. It is more of a payment system than a currency, and has been adopted by financial institutions worldwide. It recently released its latest market report, in which it claimed a market share that doubled between November 2017 and March 2018.

According to Bloomberg, Revolut is now worth $1.7 billion after raising $250 million in its latest round of fundraising. It plans to use the money to expand to a number of new jurisdictions this year, and it also intends to apply for a European banking license. The report says that Revolut wants to increase its customer base from 2 to 100 million by 2023.

Revolut is accustomed to making money from fundraising. It launched with £1.5 million generated in this fashion, followed by £17 million in 2016, and then $66 million in July 2017.

Business Insider reports that the company is also planning a new debit card with a unique feature – CEO Nikolay Storonsky said: “In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service.”