Cryptocurrency enthusiasts were given another reason to rejoice as Revolut payment app included support for cryptocurrencies including Ripple (XRP) and Bitcoin Cash (BCH). The Fintech Startup, which focuses on alternative forms of digital payment, partnered with BitStamp to process cryptocurrency transactions.
Revolut Cryptocurrency Support
In a tweet last week, the company tweeted in anticipation of its latest upgrade. The support was unlocked later on. Although cryptocurrency isn’t the primary business focus of the company, it represents a good decision to capitalize on the growing interest in cryptocurrencies.
We have a BIG update dropping next week for our Crypto fans… 🤔 pic.twitter.com/N4YNcu984I
— Revolut (@RevolutApp) May 18, 2018
Other major cryptocurrencies currently supported by the financial app are Bitcoin, Ethereum, and Litecoin.
But unlike other cryptocurrency exchanges, Revolut does not allow users to send or receive cryptocurrencies directly. Users can buy and hold cryptocurrencies using the app, as it does not support crypto to crypto trading pairs. To transfer tokens, users have to sell the coins for fiat (USD or GBP), then buy and transfer the cryptocurrencies through a traditional cryptocurrency exchange.
In February Revolut reached over 1.5 million customers and 350,000 daily users. Cryptocurrency currently accounts for about 100,000 daily transactions on the Revolut platform and attracts 1.5 percent fee.
With another new feature introduced on the platform, cryptocurrency fans can grow their cryptocurrency holdings seamlessly through spare change. The Vaults feature allows a user to save spare change each time the user makes a transaction. The application rounds up the amount and saves the change in the vault. A cryptocurrency fan can configure the Vault to automatically buy and store cryptocurrencies like Ether (ETH) or Ripple (XPR) using the spare change or a preset amount weekly.