British fintech company Revolut has announced plans to allow its customers to convert their money to Bitcoin and cryptocurrencies, to store in their accounts. The Revolut app, which calls itself a “21st century banking alternative”, boasts more than 800,000 European customers who have already used the app to transfer some $4 billion since its launch in 2015.
One of the many so-called “neobanks” to have cropped up in the UK, Revolut and others offer many financial services that banks do, such as current accounts in the UK, debit cards, currency exchange and wire transfers – at a fraction of the cost and speed traditional bank accounts need.
Revolut has been working on a solution since August to offer customers instant conversion of their cash within the app into Bitcoin, Litecoin or Ethereum. Customers from the UK and even some EU member states can continue to hold those cryptocurrencies or convert it back to fiat at any time. This would effectively make Revolut a crypto wallet and exchange.
The London-based startup claims that it had been mulling over crypto integration for a long time, spurred by positive responses from social media every time a crypto suggestion had been posted. This latest move would also see them “actively pursuing” a banking license from UK financial regulators, moving the neobank closer into mainstream financial services.
This latest offering is the latest in an array of banking-related services recently added to Revolut, including phone and travel insurance, business accounts and even credit options. In July, it raised £50 million from venture capital firms in the UK and will raise a further £4 million with its equity crowdfunding campaign that has already included British tennis star Andy Murray.
🚀 Watch out for these 3 sneaky ways the banks are ripping you off and learn how to avoid them 🕵🏻💸 https://t.co/Lpub3HGJ4o pic.twitter.com/dnUA9ZRPFu
— Revolut (@RevolutApp) October 6, 2017
