Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
Mobile banking app Revolut adds Ether and Litecoin trading to its application-based service.
Banking alternative app Revolut has recently stepped into the cryptocurrency movement by boarding the list of delivered services with crypto trading.
To get insight into this novation and make it easier to overcome for beginners, they provide the special crypto dedicated tutorial on the official website. Alongside this announcement, the pros and cons of the world hottest trend were brought to the surface and explained to its basic users.
Revolut is known as the fintech startup designed to perform wide range of money transactions at cheaper costs and in shorter period. It helps its customers save money on bypassing the common banking system but still operate seamlessly.
This ambitious project with a staff of 140 people collected over $83 million by its crowdfunding and fundraising campaigns last year. Moreover, according Revolut CEO Nikolay Storonsky all these investments are to be used for developing and merging into the booming field of digital currencies.
During TechCrunch’s Disrupt Berlin conference, Nikolay Storonsky commented on the launch of Revolut in the following way: “Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive. We are going to open up cryptocurrency exposure to everyone, faster than any other platform on the market.”
In essence, they challenged to create the brand-new fintech platform allows its users freely exchange their accounts in fiat money into cryptocurrencies to fund transactions just in a minute and now this aim is likely to come true.
The unveiled Beta version of Revolut app enables cardholders to use cryprocurriences as a mean of payment by effortlessly converting the valid account balance in one of 25 based government issued currencies into the equal amount of cryptocurrencies in a matter of second.
As cryptocurrencies do not processed by banking system neither controlled by government, they claims to be boundless and directly transfer abroad from sender to recipient. The Revolut service allows its customers remit to other users a max of €5,000 (about $5,900) per month in 16 currencies free of charge.
Nowadays as bitcoin’s price surges dramatically, cryptocurrency trading gains popularity luring more and more investors who are addicted to crypto-gold rush and willing to sink huge sums of money in it, this feature seems to be quite in time.
The emergence of Revolut marked the beginning in erasing divide between physical notes and coins and digital money that is likely have significant influence on future economy.
The Revolut perfectly fits into competitive fintech environment responding to the current requirements and needs of business market and getting traditional financial institutions left behind. In long perspective, we will see how it’s perform but from now the Revoult seems to be in pole position.