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On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking application. Revolut shared the news with the world in a company blogpost.
“You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers eleven new cryptocurrencies,” was written.
The platform now supports smart contract platform Cardano (ADA), decentralized exchange Uniswap (UNI), decentralized finance (DeFi) synthetic assets trading platform Synthetix (SNX), yield aggregator yearn.finance (YFI), financial contracts platform UMA, decentralized exchange Bancor (BNT), decentralized storage network Filecoin (FIL), Ethereum layer-two scaling protocol Loopring (LRC), hedge fund token Numeraire (NMR), blockchain indexing and querying protocol The Graph (GRT) and decentralized virtual private network Orchid Protocol (OXT).
The new crypto offerings come four months after rolling out support for Ethereum competitor EOS (EOS), enterprise scaling solution OMG Network (OMG), peer-to-peer exchange 0x (ZRX), and smart contract platform Tezos (XTZ) in December. The platform already offered Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Ripple (XRP), and Stellar (XLM).
Revolut does not operate like an exchange such as Binance or FTX. The platform offers you the possibility to trade, you do not own Bitcoin when you “buy” it with Revolut. You will only own the rights to the financial value of any cryptocurrency Revolut buys for you. Revolut will hold your cryptocurrencies on your behalf. And right now, it is not possible to transfer Bitcoin to your own (offline) wallet, where you can have full control over the private keys yourself. This stated on the company’s website:
“You will not be able to transfer cryptocurrency to outside the Revolut platform, e.g. external wallets. We are actively working on bringing this functionality to you in the future. However, you can still buy, sell and exchange within the Revolut platform.”
Revolut provides a mobile app that allows customers to trade cryptocurrencies and transfer money abroad in over 28 fiat currencies. Favourable exchange rates allow users to save as much as 8% per transaction. In conclusion, the company is one of the fastest growing fintech companies in Europe, the Middle-East and Asia.