British payment service provider Revolut recently added the cryptocurrencies XRP (ripple) and Bitcoin Cash. Thus, the alternative to banks in the crypto sector is broadening. Just a while ago, the start-up had ended a Series C round of investing that was pouring $ 250 million into the coffers.
The fintech start-up based in London has been offering various payment services for some time. These include a prepaid debit card, exchange of Fiat currency with each other, exchange of Fiat in crypto and peer-to-peer transactions. In addition, Revolut does not charge for transactions or exchange rates. This has allowed the financial services provider to become an alternative to banks that also offer such services.
So far, users have been able to access 26 national currencies and three cryptocurrencies via the Revolut app and transactional transactions. Now the crypto assortment of Bitcoin, Ether, and Litecoin has been extended by the crypto currencies Ripple and Bitcoin Cash.
Demand for cryptocurrencies is growing
Revolut CTO Vlad Yatsenko said the demand for both cryptocurrencies was “overwhelming”. Revolut allows people to invest in cryptocurrencies with little or no know-how, as the app buys and holds the coins on their behalf. This provides an easy way for consumers to earn profits without actively trading themselves.
The company, originally known as an app-based, toll-free Fiat currency exchange provider, is increasingly turning to cryptocurrencies. Only in December of last year, the use of Bitcoin was added to the app. The success was so overwhelming that it was decided to continue on this path.
Financial resources of 250 additional millions
In addition, Revolut announced a total of $ 250 million in a Series C round. The cash injection gives the company completely new opportunities to expand even wider. In addition to pushing the crypto offering, Revolut plans to move to the US, Canada, Singapore, Hong Kong, Australia and New Zealand this year. For this purpose, the workforce in the areas of technology and design will be expanded.
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