Revolut Teams Up with Bitstamp for In-app Cryptocurrency ‎Transactions

Bitcoin exchange Bitstamp has been appointed as a new partner for ‎European digital banking outfit Revolut to facilitate cryptocurrency ‎purchases for its more than half a million users. Bitstamp won the role of ‎cryptocurrencies supplier over other digital exchanges thanks to its ability to tailor ‎its model to suit Revolut.‎

The new partnership merges the core capabilities of a leading digital ‎exchange with those of a payment service provider and adds the ‎regulatory framework of an authorized European bank. ‎

In partnering with Bitstamp, Revolut claims to have become the first ‎company to allow users conduct crypto transactions in-app, alongside 25 ‎global fiat ‎currencies.‎ Revolut customers can now spend supported ‎currencies‎ ‎using Visa, Mastercard credit or debit cards to purchase bitcoin (BTC), ‎litecoin (LTC) and ethereum (ETH). ‎

As it scales, Revolut has previously announced plans to work with ‎crypto providers to roll ‎out the services that a traditional bank wouldn’t ‎typically provide to customers.

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. ‎

Additionally, the partnership will reportedly allow Revolut customers to enjoy faster and more ‎convenient transactions while shifting between fiat and digital currencies. For example, if a customer doesn’t ‎hold fiat currency in his Revolut account, the mobile-banking provider ‎will convert his crypto holdings within the app when using his card ‎with the best possible rate. ‎

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

Bitstamp CEO Nejc Kodrič commented: “Our partnership will enable Revolut users to have the ‎same level of functionality of BTC, LTC, ETH that they have with any of their other currencies. ‎The increase in liquidity, speed and ease of use unlocked by this partnership are significant ‎steps toward wider adoption of cryptocurrency as the offering becomes more mainstream.”‎

Lewis Tuff, Revolut’s Chief Platform Engineer, added:“This is something that our customers ‎have wanted for a long time. We think Bitstamp is the perfect partner as we provide Revolut ‎customers with the ability to convert fiat money to cryptocurrencies, making the process ‎much faster and much more accessible.”

(Photo: facebook)

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