Revolut Expands Crypto Offering with 11 Trendy Tokens

Revolut, the London-headquartered challenger bank, announced the addition of 11 more 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 offerings for its customers in the United Kingdom and the United States.

The newly added digital currencies are Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph. The list includes the popular digital currencies, which saw a massive jump in their prices due to the increased demand.

“2021! Revolut’s year of crypto,” the company stated in the announcement. “A whole year to bring you new features, new tokens and a few other surprises along the way.”

Crypto Demand Is Rising

The fintech company first added cryptocurrencies in its offerings in 2017 with just Bitcoin but expanded the list with Ethereum and Litecoin, as well, later that year.

Revolut is primarily offering digital banking services to its customers spanning across 35 countries. But the company saw a massive surge in crypto trading over the years as its customers held more than $120 million in cryptocurrencies.

In addition, the company is slowly expanding its crypto services to all its operating countries although it is unclear when it will update its global offerings with the newly added cryptos.

With the demand growing in crypto, the fintech company also updated the terms of its crypto offerings last year, giving its users a so-called ‘beneficial right’ to their holdings. However, the users can only transfer their digital currency holdings to another Revolut user, not to any outside wallet address.

Furthermore, the announcement stressed that the company stores all digital currencies in cold wallets to protect the user funds from any mishaps.

“The majority of our crypto funds are held in Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term with some of the best custodians in the crypto game. External hard drives used for cold storage are disconnected from any networks when crypto transactions aren’t happening, so they’re very resistant to hacking,” Revolut noted.