Revolut offers customers to hold, exchange and buy Bitcoin and other currencies
Revolut customers will now be able to buy, sell and hold cryptocurrency directly from the app as the fintech continues to disrupt traditional financial services.
The exchange process will be instant and as easy as topping up a Revolut account in your base currency and then exchanging to Bitcoin, Litecoin or Ethereum. The entire exchange is said to take just 30 seconds.
Revolut customers can then securely hold cryptocurrency within the Revolut app or transfer their Bitcoin, Litecoin or Ethereum to other Revolut customers instantly and for free.
Nikolay Storonsky, founder and CEO at Revolut, commented: “Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive.
“We’re going to open up cryptocurrency exposure to everyone, faster than any other platform on the market. By allowing our customers to seamlessly buy, hold and sell cryptocurrency, we are living up to our reputation of being a disruptive innovator in the world of finance.”
In the event that a person holds no fiat currency in their account, Revolut will convert any cryptocurrency held within the app when using a card with the best possible rate.
In a further move to offer frictionless exposure to cryptocurrency, customers will be able to buy cryptocurrency in all 25 base currencies, eliminating foreign exchange fees for those looking to buy their coins in Swiss Franc or Polish Zloty.
Revolut will also introduce the most competitive rates for those looking to buy cryptocurrency. Revolut will only apply a 1.5 per cent markup during the exchange process with no hidden fees.
Lewis Tuff, chief platform engineer at Revolut, concluded: “To drive mass adoption of cryptocurrencies, we believe the barrier to entry has to be reduced. With Revolut introducing cryptocurrencies into our platform we’re allowing all users to gain exposure to digital currencies in a simple, secure and seamless manner.”