Digital Assets: Revolut Opens Up Crypto Trading To All Users; Cites 2008 GFC

April 3, 2020 | Digital Assets, FinTech

Is Revolut encouraging customers to diversify away from fiat currencies?

Revolut is now opening up crypto trading to all 10 million of its users. The facility was previously available only to its Premium and Metals classified customers. Standard users may trade cryptos at a flat fee of 1.5% per trade. (cryptonews)

However, with effect from May, the fee will rise to 2.5%.

The fintech announced and justified its action in a letter to customers.

Deja Vu

It recalled that cryptocurrencies owed their genesis to the unprecedented actions taken by central banks during the 2008 global financial crisis.

Revolut observed that “given the recent economic upset, we are starting to see quantitative easing and currency devaluation happening again right now.”

It added that it was offering customers “the opportunity to explore different ways of diversifying, including through crypto, right now.”

The digital challenger bank even added a link to the Bank of England’s page on quantitative easing.

However, risk-off customers may also seek shelter from the economic turmoil by purchasing gold through the Revolut app. The facility was opened to Premium and Metal users with effect from March 12.

Standard customers can transact gold from “later in April,” the company also announced. The fee per trade: 1.50%.

A captive pool of cryptocurrency

Revolut allows its users to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and XRP using fiat money and via its app. The conversion rate is provided by Bitstamp. However, any user purchasing a cryptocurrency must necessarily stow it with Revolut – it’s not transferable to a wallet outside the platform.

Revolut claims that it “securely holds the private keys of all users in a pooled cryptocurrency wallet.”

Revolut is a valuable European fintech

The neobank achieved a valuation of $5.5 billion in February when it raised  USD 500 million in a Series D round.

It launched in the U.S. on March 24.

Related Story:  FinTech: Revolut Expands Across the Atlantic; Dismisses Corona Concerns

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