Revolut has added support for two of the top four cryptocurrencies by market cap into their mobile banking application following popular demand. This enables users to swap either coin with the 25 supported fiat currencies.
Revolut Capture UK Market
This will now allow users to trade their fiat money or cryptocurrency to XRP or BCH within the app. XRP is mostly owned by Ripple, a company trying to use it for cross-border transactions. XRP is the only top-five cryptocurrency that is not supported by Coinbase. Bitcoin Cash [BCH] is a Bitcoin fork based on increased block sizes and is the fourth largest cryptocurrency by market cap.
Revolut is known in the UK for providing the ability to send money from Coinbase to a UK bank account. While Coinbase allows users to purchase BTC, ETH, BCH and LTC directly from their bank account they do not support direct GBP transfers. They offer international SEPA transfers using EUR but this can lead to bank fees for conversion. Instead, once Revolut is set up, UK users only pay a $0.25 fee to withdraw from Coinbase.
Within the app, users are able to transfer any of the supported cryptocurrencies to other users. However, they are not able to send cryptocurrencies into or out of the app due to regulatory issues. They plan to add this functionality in the future.
Revolut also offers the ability to purchase items from a user's cryptocurrency wallet. When this happens, they exchange the required funds into the relevant currency for the purchase. Several projects have aimed to create cryptocurrency debit cards such as LitePay which failed and TokenPay which have recently announced a deal with a German bank.
On May 18, they asked their community to suggest a name for their upcoming Metal card, cut from a single sheet of stainless steel. This will be Europe's first fully metallic card and will be offered to their premium customers.
In April, Revolut closed their latest funding round, raising $250 million to officially reach the status of a tech unicorn, having a valuation of over $1 billion. The funding involved Hong-Kong based DST Global and existing investors Index Ventures and Ribbit Capital also chose to be involved. Revolut is set to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand this year.