Revolut, renowned as a UK-based FinTech start-up, has recently announced its plans of adding both Bitcoin Cash (BCH) and Ripple (XRP) to its mobile banking app, meaning that the two popular cryptocurrencies will be supported for both Android and iPhones. Now, it’s possible to use over 25 supported fiat currencies for nearly instantly buying LTC, ETH, BCH, BTC, and XRP –as soon as you update your mobile app to reveal the changes.
The company, which was founded by Vlad Yatsenko and Nikolay Storonsky in July 2015 in London, started as a FinTech company which offered a multi-currency pre-paid debit card via the mobile app. Since those more humble beginnings, the company has expanded its range of service for the inclusion of cross-border money transfers (i.e., travel insurance, free global ATM withdrawals, personal loans, and now crypto trading).
Overall, Revolut is an integrative service which also includes “Revolut Crypto,” meant to provide a more straightforward means for users to interact with the system, even for newbies with limited knowledge of cryptocurrencies. This way, users can sell Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) as they deem fit.
“No exchanges. No private keys. No cold storage. Just tap a button and get immediate exposure to Bitcoin, Litecoin, and Ether.”
Of course, there are still considerable limitations that make the service not yet suitable for advanced traders, because it does not allow for transfers to external wallets or even allowing customers to transfer their existing crypto to the app. In response to this, Revolut has to say about this limitation:
“Unfortunately, we’re not able to support external transfers right now due to strict regulation. We totally appreciate that this may be a deal breaker for some people, but we are not ruling out this option for the future.”
Naturally, the decision had been on Revolut’s mind for quite some time, as on April 30, a promise had been made of adding Bitcoin Cash and Ripple within the following two weeks. With a bit of good luck and hard effort, it wasn’t much later that the official news was released, and now the famous cryptos can be used to trade within the platform.
Concerning access, there are two primary ways to access the “Revolut Crypto” feature present in the mobile app aforementioned. Number one is that you could either get three people to open an account with the company, whereas your second option is paying for the premium service, valued at approximately GBP 6.99 per month.
Another thing worth noting is that you are already a Revolut user, you will first need to update your mobile application by either using your Google Play Store of the iOS App Store. If that’s not an option, unfortunately, neither BCH nor XRP will show up in the list of cryptocurrencies that you can buy or sell.