Revolut unlocks its crypto vault

By Emily Nicolle on Wednesday 31 January 2018

Digital BankingSavings and Investment

The banking app has now opened the floodgates to all users to buy and exchange cryptocurrencies.

Revolut has today announced the official launch of its cryptocurrency functionality, opening up a waitlist for the previously beta-only feature to all users. Once inside Revolut’s app, customers will be able to buy, hold and exchange Bitcoin, Litecoin and Ethereum.

In addition, users will also now be able to purchase cryptocurrency in any of Revolut’s 25 base currencies compared to the beta test which only allowed purchase once converted into EUR or USD.

The platform estimates the entire exchange takes around 30 seconds, after which Revolut users can hold their cryptocurrency in-app or transfer it instantly to other Revolut customers for free.

Revolut initially held a soft launch of the feature in December last year, opening access only to its Premium customers or those who secured a number of referrals to the banking app.

“We have been amazed by the incredible demand of our cryptocurrency feature and are delighted to begin opening it up to all Revolut users,” said Nikolay Storonsky, Revolut co-founder and CEO.

“Now that we have upgraded and tested our systems, we are able to cope with demand and will avoid disrupting the service for everyone else by rolling this feature out gradually, starting with our Premium customers.”

The platform also recently announced its expansion into travel insurance, using geolocation to provide instant medical and dental cover starting from £1 a day.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.