Revolut, the leading challenger bank that has its headquarters in London is adding 11 more cryptocurrencies to its services. However, it will only be accessible to consumers in the U.K. and U.S. The list involves the well-known digital currencies that witnessed a significant jump in their prices due to the increasing demand. The new list comprises Yearn Finance, Uniswap, Cardano, Synthetix, Uma, Bancor, Filecoin, Loopring, Numeraire, Orchid, and The Graph. The coins platform previously supported are Bitcoin Cash, Ethereum, Litecoin, Ripple (XRP), Stellar (XLM), EOS, OMG Network (OMG), Tezos (XTZ), and 0x (ZRX).
Moreover, Filecoin is the most expensive coin to be added, trading at £ 110.42 per coin, while Cardano is the least costly, recently trading at approximately £0.88 per coin. In the official blog post, Revolut also offered a short description of each coin to familiarize users with the new coins. It also cautions its users about the risks and volatility around cryptocurrencies. Earlier, Revolut published a warning to its consumers about Ripple’s crypto XRP after various exchanges started delisting the digital currency. Notwithstanding the warnings issued, Revolut allowed its users to trade the embattled coin until its partner exchange proceeds to do so.
Revolut Aspires to Offer its Crypto Services Worldwide
Furthermore, the fintech company first added crypto in its offerings in 2017 with bitcoin. However, it expanded the list with Litecoin and Ethereum later that year. Revolut is primarily providing digital banking services to its consumers traversing across 35 countries. However, the company observes a huge increase in crypto trading over the years as its consumers contained over $120 million in cryptocurrencies. The company is gradually growing its crypto services to all its working countries, although it is unclear when it will be updating its global contributions with the newly added cryptos.
With the demand shooting in crypto, the fintech company also updated the terms of its crypto offerings last year, allowing its users a so-called beneficial right to their holdings. Nevertheless, the users can only transfer their digital currency holdings to another Revolut user, not to any external wallet address. The recent announcement detailed that the company stores all digital currencies in cold wallets to guard the user funds against any vulnerabilities. The massive addition of new tokens, a combination of currencies native to trendy blockchain projects and coins linked with more obscure projects that have been existent for years, implies the current trend of popular fintech platforms offering crypto features.