Then follow us on Google News!
Revolut is a company some cryptocurrency enthusiasts may be familiar with. The company positions itself as a so-called neobank. This means the company doesn’t have an official banking license. However, they still provide major features similar to regular banks. Its latest venture revolves around focusing on Bitcoin and some other cryptocurrencies.
It is always good to see more companies focus on Bitcoin. Revolut wants to let customers hold and convert BTC and altcoins in their accounts directly. While the company is based in the UK, their services span multiple European countries as of right now. Moreover, Revolut wants to obtain an official banking license in the near future. It will be an interesting venture, to say the least, especially given the current focus on cryptocurrencies.
Revolut Embarks on a Cryptocurrency Mission
The currencies of interest are Bitcoin, Litecoin, and Ethereum. All three are solid choices, to say the least;. Clients can buy, sell, and hold these three new currencies in the near future. Transfers to other Revolut users will also be enabled. The biggest selling point is instantly converting cash to cryptocurrency through their native app. That is a rather ambitious goal, as no service provider can effectively make such a guarantee.
What is even more intriguing is how the conversion will not be done by the company itself. They are looking to worth with reputable cryptocurrency exchanges in this regard. It is unclear how that will work exactly. Right now, very few exchanges accept deposits, which can be converted to fiat currency pretty quickly. Considering how users won’t need to go through a lengthy verification process, this is a rather peculiar venture. There is no fixed date yet for this new feature, albeit it will go live later in October of 2017.
Given the huge demand from users to support cryptocurrencies, this is not a surprising development. With over 855.0000 customers since launching in 2015, the company is pretty successful. This cryptocurrency feature will only be available to select users. It appears around 3000 individuals will gain access to it. It is unclear when this “test” will conclude but it is an intriguing development regardless.
Header image courtesy of Shutterstock