London-based fintech unicorn startup Revolut has revealed that the addition of Bitcoin, Ethereum and Litecoin services in its platform has translated to a an increase in customers, valuation and profitability. This has prompted the firm to announce that Ripple and Bitcoin Cash will be added to the platform. It will now be possible for Revolut clients to buy and sell these digital assets using the firm’s app.
The firm, which is the fastest growing unicorn in Europe, revealed that its users make about 100,000 Bitcoin, Litecoin and Ethereum exchanges per day. The company says that about 20 percent of its clientele base have unlocked cryptocurrency trading since the service was availed in its app late last year.
Buoyed by the positive response from customers since the launching of crypto trading, the company now says that it wants to add XRP and BCH to the revolut app, to give its customers more leverage on crypto trading.
We are extremely proud to welcome XRP and BCH to the Revolut app, which means you can now instantly exchange any of our 25 supported fiat currencies directly into XRP and BCH,
– Reads part of the report by the company.
According to Forbes the company’s Chief Technology Officer Vlad Yatsenko says the firm conducted a survey among the Revolut community asking them which cryptos they would want added on the platform, and the demand for XRP and BCH was extremely high.
The decision to add the two cryptos was reached because other major crypto trading platforms are yet to support them. The company saw an opportunity to offer its customers these services, which are hard to find in Europe.
Addition of Cryptos Means More Business
A major question that comes with the expansion of crypto services in Revolut is whether it will translate into business for other services being offered by the firm. The fintech company prides itself as a banking alternative as it provides other services like debit card, payment app and travel insurance.
It is no doubt that the addition of crypto services in Revolut’s platform will come with a business growth aspect. The company says that customers are at liberty to spend crypto with their Revolut cards.
If you have not topped up your Revolut account in fiat currency but have Cryptocurrency in your wallet, you can pay for your morning coffee or metro ticket in Cryptocurrency,
– Reads the company’s statement.
The company says that it will deduct the fiat value from the cryptocurrency using the real exchange rate at the moment the payment is made using the Revolut card.
The app also allows Revolut customers to change fiat currency into crypto and trade their existing cryptocurrencies for others.