Revolut, Europe’s Newest Fintech Unicorn, to Add Bitcoin Cash and Ripple Trading

Revolut, Europe’s newest fintech unicorn, has announced that it will add support for bitcoin cash and ripple trading to its mobile app, which offers users a digital alternative to traditional banking services.

The UK-based Revolut made the announcement on Friday, in tandem with the revelation that the company has concluded a $250 million Series C investment round. This investment, which was led by the Hong Kong-based DST Global, gives the firm a $1.7 billion valuation less than four years after its launch.

Revolut first began a bitcoin trading pilot program last year, and it proved so popular that the company rolled out the feature to the remainder of its user base and later added support for litecoin and ethereum.

Now, it has confirmed that it will allow users to trade two more large-cap cryptocurrencies: ripple and bitcoin cash. At present, ripple and bitcoin cash rank as the third- and fourth-largest cryptocurrencies, with circulating market caps of $33 billion and $24 billion, respectively.

“Our roadmap has never been more exciting! From product to marketing, our teams have been working hard to create the most useful features requested by our community,” the company said in a statement. “We’re extremely proud to announce that we will be adding Ripple (XRP) and Bitcoin Cash (BCH), alongside the current Bitcoin (BTC), Litecoin (LTC) and Ether (ETH).”

Revolut charges a 1.5% markup on the average exchange price, making it cheaper to use than either Coinbase or eToro.

Though users cannot currently transfer cryptocurrency into or out of the wallet, users can use their balances to pay for everyday transactions by using them to fund their Revolut debit cards.

At present, Revolut is only available in Europe, though the firm plans to leverage its new financing to expand into the United States, Canada, Hong Kong, Australia, Singapore, and New Zeland before the end of 2018.

Featured Image from Revolut

David Murray

David has been following the development of cryptocurrency technology for several years, and he is optimistic about its potential to democratize the financial system.

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