Fintech Startup Brings Cryptocurrency Trading To Mobile Banking
Revolut wants to lower the bar for entry into the cryptocurrency market with a service that connects digital currency with regular debit
Revolut is a banking platform that combines debit, mobile, cryptocurrency and fiat money in one place. You can now store Bitcoin, Litecoin, Ether and twenty-five global fiat currencies, including U.S. dollars, on your phone. What’s more, you can buy, sell and trade all of these currencies as well.
Essentially what this does is give more people access to cryptocurrencies. Fiat currencies and cryptocurrencies can both be held in one balance, and there’s no need to go through any lengthy conversion process for either. If your balance in fiat money runs low, Revolut will convert what you need from your crypto stash automatically.
Additionally, the service functions as a debit card that lets you spend and withdraw money internationally without transaction fees or charges. Revolut also includes balance reports, spend tracking, money transfers and bill splitting.
CEO Nikolay Storonsky spoke at TechCrunch Disrupt Berlin about opening trading on Revolut to new users, which started on December 7. “Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive,” Storonsky told TechCrunch.
More people, governments and organizations are experimenting with crypto, especially since Bitcoin is currently priced at over $16,000. Revolut is betting that crypto will be an important part of all banking in the future. The company recently held a beta launch, for which 10,000 users signed up and traded about $1 million worth of crypto.
Revolut also wants to keep costs and fees at a minimum, which further lowers barriers to entry. There will be a flat fee of 1.5% and if you buy any one of Revolute’s base currencies, there will also be no foreign exchange rates. Currently, Revolut has 1 million users in Europe, who the company says have collectively saved $160 million in foreign transaction fees. You can send up to €5,000 per month in 16 currencies with no transaction fees.
The service is not yet available in the U.S., but users can download the app and sign up to be notified.
Lead Image: Revolut via Facebook
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