Revolut Adds ZRX, XTZ, OMG and EOS to Supported Cryptocurrencies

Neobank Revolut has just made a big splash with the addition of four new Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to its trading catalog available to customers in Europe.

The newly-listed tokens include 0x Protocol token (ZRX), Tezos (XTZ), OMG Network (OMG) and EOS, the digital currency that intends to support more efficient operations for decentralized applications than existing platforms such as Ethereum.

According to the statement, the new additions were in response to overwhelming demand from users. If you are familiar with Revolut’s cryptocurrency feature, the challenger bank currently supports a total of seven cryptocurrencies including Bitcoin, Ether, Litecoin, Bitcoin Cash, XRP and Stellar lumens (XLM).

For users in the US, the company only gives access to buy, hold and sell Bitcoin and Ethereum, but it is already working on bringing more cryptocurrencies.

Revolut did not reveal details about the fee structure for the new coins, but overall it charges free accounts 2.5% in conversion fees. Users with a Premium and Metal subscription pay 1.5% in fees.

Revolut Updates Crypto Terms

Revolut, which bills itself as a 'digital banking alternative', made some changes to its cryptocurrency feature recently, giving its users a so-called ‘beneficial right’ to their holdings. The move comes shortly after the UK Fintech allowed regular customers access to cryptocurrency trading for the first time, a feature previously reserved for its Premium and Metal customers.

While users technically own their cryptocurrencies, they can only transfer holdings to other Revolut customers in the app but are not allowed to send and receive from third-party wallets.

In addition, the sender cannot pay in cryptocurrency using his Revolut Card anymore. This means that if he makes a payment using Revolut card, and the only funds he has are in a cryptocurrency, the payment will fail.

Revolut reminded customers that cryptocurrencies are not like the e-money in their account. Thus, they are not regulated in the UK by the FCA or protected by the Financial Services Compensation Scheme.

The payment unicorn has recently integrated MPC-based wallet and network infrastructure offered by crypto-security firm, Fireblocks to enhance clients’ experience. Revolut said enlisting Fireblocks will support the introduction of new crypto services as greater Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term is attracting new investors during the pandemic.