Revolut Launches In-App Cryptocurrency Transactions for All Users

Mobile banking startup Revolut has fully launched cryptocurrency ‎services for its pre-paid cards, joining other providers in the process as they ‎prepare to harness the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term in the belief that it could cut billions off ‎costs and transform the way their industry works.‎

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The financial technology firm now allows all customers to buy, sell and hold several 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 including Bitcoin, Ethereum and Litecoin. Users will also be able to transfer the virtual currencies to other Revolut accounts, with the entire exchange taking just 30 seconds.

Earlier in December, Revolut rolled out the new cryptocurrency features to clients who paid for a premium version of Revolut ‎app, while the access of other users is pending them upgrading their accounts or referring 3 friends.

The initiative ‏is aimed at turning the app-based bank into a provider ‎of several cryptocurrency transactions so that it can enable its users to conduct crypto transactions in-app, alongside 25 global fiat ‎currencies.‎

Effective today, Revolut clients are able to transact cryptocurrencies without foreign exchange fees, even for those using minor currencies such the Polish zloty. The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency ‎purchases for its more than half a million users.

Revolut, which allows people to transfer money cross-border and spend abroad in 120 ‎currencies with no fees, promises to offer competitive rates on crypto transactions, ‎charging only a flat, up-front 1.5 percent without other hidden fees. This is compared ‎with higher fees on other platforms that the company claims can add up to 5 to 9 ‎percent of the transaction value. ‎

Revolut will offer enhanced consumer protection as the company is ‎building its own internal payment processor, which means that it does not have to rely on a third-party provider to facilitate customers’ transactions and has more control in the event ‎of a processing failure.‎