Challenger bank Revolut now allows customers to buy, hold, transfer and exchange cryptocurrencies including bitcoin using the Revolut app.
The fintech startup, which recently celebrated gaining 1m customers, wants to make buying cryptocurrencies as easy as exchanging money into different currencies.
Starting with the three main digital currencies, bitcoin, ethereum, and litecoin, customers will be able to convert any of the 25 fiat currencies into a cryptocurrency within the app. The whole process will take 30 seconds.
Revolut will apply a 1.5 percent markup during the exchange process with no hidden fees. The startup says these are the “most competitive rates” for those looking to buy cryptocurrency
Nikolay Storonsky, founder and chief executive of the challenger bank, said cryptocurrency exposure has been the number one requested feature from Revolut fans.
“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 expose 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.”
Challenger banks turning to crypto to give them an edge
The UK’s challenger bank scene is full of new startups competing to attract customers. Earlier this year, Revolut announced it was applying for a European banking license to extend its reach into Europe and become the first global banking app.
Offering cryptocurrencies will help Revolut stand out in the crowded fintech sector. Chad West, head of brands and communications at Revolut, told Verdict:
“The demand is crazy. Last time I checked, about 10,000 people had signed up to pre-register for beta. We put a post up on Twitter, giving a sneak peek at what the wallet might look like. Charles Lee, who founded litecoin retweeted it, saying how excited he was.
“That demonstrates the significance of how popular and in terms of growth, how this can really deliver for Revolut.”
If all this chat of digital currencies has you hankering to buy some bitcoin, you might change your mind when you see the price. CoinDesk has the latest price for one coin of the cryptocurrency at over $12,000.