Revolut Adds Dogecoin as Popularity of the Meme Token Rises

Revolut has expanded its offerings with 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 by adding Dogecoin on its platform, allowing users to trade with the popular digital currency, the digital bank announced on Tuesday.

The listing came when the popularity of Dogecoin skyrocketed in recent months due to the endorsement by tech billionaire Elon Musk and several other celebrities.

“One of the most popular user requests over the past couple of months has been to add dogecoin, and we have answered the call,” Revolut's Head of crypto, Ed Cooper, wrote in an email sent to all Revolut users.

“We have just launched Dogecoin in-app. So now keen crypto customers and those new to the game can buy and sell this popular token.”

Meme Token - So What?

Despite being based on an internet meme, Dogecoin is backed and vouched by a committed community. The digital currency gained more than 6634 percent in 2021 alone, thus becoming one of the top ten cryptocurrencies based on market capitalization. The crypto is trading at $0.33, as of press time, after shedding over 10 percent of its value in the last 24 hours.

In addition, the popularity of the meme token prompted other heavy-weight exchanges like Coinbase Pro to list it recently, thus legitimizing it further.

UK-based Revolut launched cryptocurrency trading in 2017 when the market started gaining mainstream attention. Earlier this year, the platform added 11 cryptocurrencies, which were popular and trendy among crypto traders.

Dogecoin has become the 30th cryptocurrency to be listed on the digital banking platform.

“I said before that 2021 would be the year of crypto, and Revolut is here to deliver on that promise,” Cooper added.