Revolut ‎App Experiences Issues on First Day of Cryptocurrency Offering

Mobile banking startup Revolut has officially launched its cryptocurrency ‎services for its pre-paid cards, effective yesterday, but some users are finding several issues while operating the app, the company tweeted on Thursday evening.

The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency ‎purchases for its more than half a million users. However, many users complained about having different kinds of problems while operating the app on their smartphones. From login issues to payments, users have posted their problems on the company’s social media channels.

Meanwhile, Revolut decided to address the issue on Twitter, where it wrote that it had to upscale the new offering launch to cope with increasing demand, as the mobile-only banking provider has been blown away by the number of people signing up for the new services.

The company has rolled out the new cryptocurrency features to a certain client base, those who paid for a premium version of Revolut ‎app, while the other users will get a pending access unless they upgrade their account or refer 3 friends. However, a company representative told CNBC that the temporary queuing system, which was implemented to help gradually onboard customers, wasn’t enough for a seamless launch as the response to the usage options proved very popular.

Effective Thursday, Revolut clients were able to buy, sell and hold several cryptocurrencies including Bitcoin, Ethereum and Litecoin. Users will also be able to transfer the virtual currencies to other Revolut accounts. 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.‎

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 it can add up to 5 to 9 ‎percent of the transaction value. ‎

Revolut’s users, about half of which are based in the UK and the other half in Europe, can also save ‎on extra foreign exchange fees as the company will allow them to buy through all of its ‎base currencies.‎

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