Fintech company Revolut has significantly increased its profits and customer base after adding services for Bitcoin, Litecoin and Ethereum last year. Today (May 24) ripple and bitcoin cash will join them. Customers will now be able to buy and sell digital assets directly from the Revolut app.
The London startup giant, which calls itself an “alternative to banking,” offers services such as debit cards, insurance, and also has its own payment application. According to Revolut, 20% of their total customer base of 1.95 million people have already started using cryptocurrency services. This number is expected to increase with the addition of new tokens.
Providing services for buying and selling cryptocurrencies can be beneficial for everyone. Revolut does not charge any exchange fees for major fiat currencies. However, he waives a 1.5% fee for cryptocurrency transactions, which he says is needed to compensate for the additional risk of volatility. Some users have also upgraded to paid accounts to gain special access to cryptocurrency trading. According to the company, it currently processes more than 100,000 token exchanges between its users daily.
This year, according to the latest estimates, the company received “unicorn” status. This name indicates the status of a non-public company, which indicates that its value has crossed the $1 billion mark. Examples of such companies are Uber, SpaseX, Airbnb.
Today, large financial institutions are still cautious about digital currencies. According to Centtrip's CEO, the lack of proper regulation coupled with high volatility makes digital assets an unacceptable risk for most companies. “We see a clear reluctance from banks and card issuers to offer services to support cryptocurrencies,” Jameson said. “We receive account requests from cryptocurrency companies every day that we have to decline.”
Another question is whether companies like Revolut will be able to accelerate their growth rate by adding even more digital tokens, given that the prices of Bitcoin and most altcoins are falling and, at the same time, more and more companies are starting to support these markets. This seems to be a solid path for Revolut at the moment - since announcing the launch of digital asset services, their customer base has more than doubled.
According to https://qz.com
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