- Digital Bank Revolut adds support for Stellar
- Revolut added support for Stellar because of the demand of customers
- The move is part of Revolut’s initiation of the Revolut Crypto service
Stellar Lumens News Today – the UK-based digital bank, Revolut will be listing Stellar Lumens on its mobile app. The bank announced this as a part of its Revolut service The announcement came via a press release in a statement. According to the statement issued by the UK-based firm (which was reportedly founded in July 2015 by Nikolay Storonsky, and Vlad Yatsenko), support for the Stellar Lumens token was added due to the demand of customers.
As of 2017 end, Revolut announced the launch of a service known as “Revolut Crypto. Revolut Crypto was designed to offer its customers a simple way (including users with little previous knowledge or no idea of crypto) to buy, hold, and sell digital assets.
No Limitation of Private Keys and Exchanges
Their blog post that followed the launch of Revolut Crypto promised that:
“ Users can buy, sell, and hold cryptocurrency without any need for exchanges, private keys, or cold storages. You can simply tap a button and be immediately exposed to Bitcoin, Ether, and Litecoin.”
There has always been (and still is) a huge limitation that makes the service not unsuitable for serious traders. The Revolute Crypto app doesn’t offer transfers to external wallets. It doesn’t allow customers to move their existing crypto to the mobile application. Regarding this drawback, Revolut said:
“Unfortunately, we are not able to offer support for external transfers at the moment due to strict regulation. However, we appreciate that this will likely be a deal-breaker for most people, but we aren’t ruling this option out.”
Until Now Revolut App Supported Only BTC, LTC, BCH, XRP, and ETH
Since its inception to press time, the Revolut app only supported the buying, selling, and holding of five major digital assets. These assets include Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), and XRP. Now, it has added Stellar Lumens (XLM) to the list. On July 15, 2020, Paxos Trust Company opened Paxos Crypto Brokerage. Paxos Crypto Brokerage is a turnkey, API-based solution that’s easy-to-integrate. It allows ” companies to integrate digital currency buying, selling, and holding as well as sending capabilities into their apps.
According to Paxos, its first partner on this offering is Revolut US. Meanwhile, regarding the addition of support for Stellar’s XLM token, the Head of Crypto at Revolut, Ed Cooper, said:
“The decision to add Stellar and pass ownership of cryptos to our clients is the first of many steps we will take to overhaul our crypto offering.”