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Revolut revealed the data that shows how the coronavirus lockdown has influenced the habits of its app users. The number of users trading crypto has grown.
At a time when businesses are experiencing financial drain and low patronage in the wake of the coronavirus lockdown, UK based finance app Revolut has recorded a significant increase in the number of its users trading Bitcoin and other cryptocurrencies on its platform as revealed in a data published by the finance firm. This development is seen by crypto enthusiasts and analysts as a win as it helps reposition the importance of bitcoin and its role in a time of financial crises.
Crypto Trading on Revolut
The lockdown in the UK which came into full effect in March has varying impacts on the behavior of cryptocurrency traders. Revolut observed in its survey that the trading volume in March decreased generally with values from 540 Pounds to 230 Pounds ($663 to $280) of crypto purchases per week. The trading surge was experienced in April owing to an increase in the price of Bitcoin (BTC) as the fintech firm recorded the number of users trading crypto to increase by about 68% in the weeks following April 20 when Bitcoin traded around $9,000.
The Revolut data released shows the trading share of the major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH). Analyzing the performances of each of these assets, Bitcoin took the lead during the March-April trading months and constitutes about 51% of all the trades on Revolut. This feat was succeeded by XRP with 20% of all trades. Ethereum came third with 14% of the trading volume while Bitcoin Cash and Litecoin jointly maintained 8% each.
An important age demographic data also reveals a larger percentage of the cryptocurrency traders were senior citizens in the 55-64 age group while millennials aged 18-24 ranked second. The former category traded an average of 345 Pounds per trade while the latter recorded about 109 Pounds per trade.
How Revolut Is Taking Part in This Trend
Revolut is a game-changer in the fintech finance world offering exceptional services to its over 400,000 customers. Recently, the company announced a partnership with Clear Books, a renowned accounting software provider for small businesses. The Clear Book partnership as noted by the two companies in a joint statement will give access to Revolut’s customers to such optionsas to “view transaction records, track whether invoices are paid or outstanding, quickly record bills and expenses, and automatically create great financial reports.”
Revolut is also positioning itself to expedite contactless payment systems in growing demand due to the new realities posed by the COVID-19 pandemic by acquiring competing technology firms that are severely hit by the COVID-19 pandemic with a new $500 million investment fund. With the already established payment platform the company operates, there is a high tendency that Revolut will become more relevant in the UK financial system.