Revolut introduces 11 new cryptocurrencies as users flock to crypto trading

Digital banking service Revolut has taken yet another step closer to becoming a one-stop-shop for all of its users’ financial needs.

The fintech, which is well on its way to becoming a financial ‘super app’, has added 11 new cryptocurrencies for its UK and EU customers to trade, taking its total offered up to over 20 coins.

In a blog post, Revolut said: “You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies.”

Users will now be able to trade Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph, as well as the other 30+ cryptocurrencies already available on Revolut’s trading platform.

As it stands, Filecoin is the most expensive coin to be added, coming in at £ 110.42 per coin, while Cardano is the least expensive, currently sitting at around £0.88 per coin.

To help familiarise users with the new coins, Revolut also provided a short blurb about each new coin and reminded users of the risks and volatility surrounding cryptocurrencies. 

Earlier this year, Revolut issued a warning to its customers about Ripple’s cryptocurrency XRP after several exchanges began delisting the electronic currency.

Despite warning its customers away from XRP, Revolut’s users could still trade the embattled coin as long as its partner exchange continues to allow it to do so.

Unlike other crypto wallets, Revolut’s users can’t actually remove their purchased coins from the Revolut app, rather they are held “in cold storage with some of the best custodians in the crypto game.”

A recent AltFi investigation has discovered that Revolut could potentially be sitting on a pile of crypto worth around $1bn and while users can’t actually remove their coins from their Revolut wallets, it’s a clear sign that crypto trading is increasingly popular for Revolut’s users.

Both stock and crypto trading has boomed over the past 12 months, even more so since the beginning of this year with the rise of ‘Meme Stocks’ and the Reddit vs Wall Street saga, which prompted the likes of Revolut to halt trading of certain stocks thanks to unexpected volatility. 

UPDATE 09-04-2021 - A previous version of this article misstated the amount of cryptocurrencies available on Revolut's trading platform.