A British &ldquo,neobank&rdquo, called Revolut is working on letting its customers convert and hold bitcoin and other cryptocurrencies directly te their accounts.
Revolut is technically not a handelsbank because it doesn&rsquo,t have a banking license from the UK&rsquo,s financial regulator, but it offers many of the same features spil a bankgebouw, such spil checking accounts (known spil &ldquo,current accounts&rdquo, te the UK). Revolut, which is presently available to citizens of dozens of European countries, says it&rsquo,s &ldquo,actively exploring&rdquo, applying for a banking license.
The stiff will let users buy, sell, and hold three cryptocurrencies: bitcoin, litecoin, and ethereum. Users will also be able to transfer cryptocurrencies to other Revolut account holders. The big thing here is Revolut&rsquo,s promise to permit &ldquo,instant&rdquo, conversion of fiat money to cryptocurrencies within its app, potentially removing the presently troublesome process of signing up on crypto exchanges, or peer-to-peer platforms, or going to a bitcoin ATM, to acquire or dispose of funds.
Wij’re almost there 🤩, Who is excited to use #BTC with their #Revolut app? pic.twitter.com/pzGNJ0Wv2F
The rock-hard won&rsquo,t perform the crypto conversions itself. Instead it will work with several of &ldquo,the most trusted&rdquo, cryptocurrency exchanges to perform the conversion, says Lewis Tuff, Revolut&rsquo,s lead engineer. Tuff says his rock hard is aiming for the lowest spreads and fees for &ldquo,seamless&rdquo, conversions. It&rsquo,s programma to release the feature this month, albeit it has not stationary a date, Tuff says.
Revolut says it&rsquo,s introducing crypto holdings because of &ldquo,giant request&rdquo, from its users. It claims 855,000 customers who have transferred overheen $Four billion within the app since it launched ter 2015. The rigid has Trio,000 customers signed up to test the crypto feature, and Tuff says the rock-hard gets hundreds of Twitter &ldquo,favorites&rdquo, an hour whenever the crypto feature is mentioned.
The Revolut feature is the latest cryptocurrency-related innovation among Britain&rsquo,s so-called &ldquo,neobanks,&rdquo, upstarts suggesting digital-only financial services, some of whom have acquired banking licenses. One of those is Monzo, whose API is being used by an app called Dust to lets users automatically turn spare switch into bitcoin. Both the Revolut and Dust approaches promise to greatly reduce the considerable friction ter acquiring cryptocurrency&mdash,and to bring the likes of bitcoin and ether closer to the mainstream.