Revolut Brings Cryptocurrency Trading to Mobile Banking
Fintech startup Revolut have announced that users of its popular mobile banking app will be able to trade bitcoin, ether and litecoin from Thursday this week. They already offered fee free transfers between 25 world fiat currencies but according to CEO Nikolay Storonsky, “cryptocurrency exposure has consistently been the number one requested feature from our customers”.
Still Tricky to Buy Bitcoin
For all the media attention currently being paid to bitcoin, it is still relatively difficult to buy cryptocurrencies. Long term bitcoin fans may say that it’s easier than it’s ever been, which is probably true, but for real widespread adoption it’s going to have to get easier still. Storonsky said in a statement,
Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive.”
Housing fiat and cryptocurrencies within the same app should shift crypto even further into the mainstream. When Revolut’s 1 million customers can switch between euros, dollars and bitcoin with a finger swipe new investors will surely be brought into the crypto space.
Financial Giants “Comfortable”
Increasing mainstream demand for these currencies would mean little if there was no supply to meet that new demand. However, financial institutions are becoming more at home with crypto.
Revolut uses Lloyds to process its transactions and issues MasterCard debit cards to customers. On whether the financial giants approved of this latest move, Revolut told the Financial Times they were “comfortable” with it, adding, “we wouldn’t be able to do it without their permission”.
Revolut plans to bring its low fee model to crypto transactions. A fee of 1.5% will be charged on each trade but they promise there will be none of the hidden fees which can increase charges up to 9%. Also any of its base currencies can be paired with any cryptocurrency without having to go via USD. That means big savings for non-American customers without available dollar balances.