Financial institutions continue to pay a lot of attention to cryptocurrencies. Revolut is one of the more forward-thinking firms in this regard, as the banking app is integrating investment support for both XRP and Bitcoin Cash, both of which make a lot of sense. Whether or not these offerings will be of great interest to community members is a different matter altogether.
Revolut Takes a big Gamble
In the world of finance, cryptocurrencies are slowly making their mark. While it will likely be a while until banks incorporate the likes of Bitcoin and Ethereum into their regular products, interest in these investment vehicles is certainly on the rise. Many institutions are looking into ways to expose customers to cryptocurrency in one way or another.
Revolut, a UK-based challenger bank app, is taking a completely different approach in this regard. The company is keen on cryptocurrency, and it is not necessarily hindered by all of the associated red tape. Providing exposure to cryptocurrencies is still remarkable, given the volatile nature of this industry.
By adding both XRP and Bitcoin Cash to its list of supported currencies, Revolut now lets its users invest in all of the major cryptocurrencies through traditional means. Thanks to its ongoing partnership with Bitstamp, adding support for these altcoins was rather straightforward. Earlier on, the company added Bitcoin, Ethereum, and Litecoin support.
One thing to keep in mind is that Revolut doesn’t allow users to send or receive cryptocurrencies. There are no wallet addresses involved either, as the company maintains full custody of one’s holdings. Users can buy tokens and sell them in exchange for fiat currencies, but that is all the functionality that the platform offers in its current state.
Nevertheless, for those users who are not looking at cryptocurrency in any serious capacity, this solution will be more than sufficient to keep them engaged. Combined with Revolut’s new Vaults service, there are now a fair few options to be explored.
In the end, it is good to see more financial firms paying attention to various cryptocurrencies. After all, there is a lot more to cryptocurrency than just Bitcoin, even though all other currencies are linked to the top dog in every way.