Neobank Revolut has just made a big splash with the addition of four new cryptocurrencies 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 is attracting new investors during the pandemic.