One of the latest FinTech sensations – Revolut Bank – will add Ripple (XRP) to its cryptocurrency portfolio.
The bank hasn’t released the launch date yet, but it looks like the XRP interface has already been designed and is just waiting to go live.
Revolut incorporated the cryptocurrency exchange to its mobile app in December 2017, becoming the same the first bank that allows both fiat and digital currencies on the same account.
Currently, Revolut offers Bitcoin, Ethereum and Litecoin – Ripple would become the fourth crypto-coin.
Revolut Cryptocurrency Wallet and Exchange
Cryptocurrency is one of the latest additions to Revolut’s system – the bank has already revolutionised the old banking system.
The launch of cryptocurrency exchange and wallet was a brave move to attract a new pool of customers who look beyond traditional investments.
However, there are some controversies around Revolut’s crypto features.
Unlike well-known crypto exchanges and wallets, Revolut doesn’t allow customers to send crypto-coins to their Revolut account – users can only buy and store currency purchased through the Revolut account.
This came with a sort of backlash from the cryptocurrency community, which openly criticised Revolut for centralising cryptocurrency and charging high fees for crypto-coin exchanges.
It’s understandable why cryptocurrency hobbyist are against mixing fiat currency and crypto, but at the same time, Revolut made digital currency more accessible to everyday people.
Both the exchange and wallets are fast and user-friendly, with external transfers being introduced soon. The most prominent advantage of allowing external crypto storage will be the ability to store cryptocurrency in a safer outer wallet.
Purchasing cryptocurrency through Revolut, however, won’t be anonymous – the account holder will still have to go through a KYC procedure as well as submitting details.
For more information, you read our Revolut Review.
Revolut – Modern Cryptocurrency Banking
Introducing cryptocurrency goes perfectly in line with Revolut’s modern attitude towards the traditional banking system.
Revolut was founded as a startup in 2013 and ever since it’s been changing the financial landscape and pioneering the bureaucracy-free model.
For starters, the bank doesn’t have brick-and-mortar branches and an established high-street presence – it functions via a mobile app.
Users’ account is accessible only via mobile, and all issues can be resolved with the help of 24/7 customer service which can be contacted via an inbuilt messenger app or by a call.
Not only the account can be topped up in multiple fiat currencies, buying crypto is as quick as doing an exchange between Euro and Dollar.
For those who weren’t convinced about investing in digital currencies due to the lack of trust for exchanges and the complicated process, Revolut opens a new door for possible investment.
What’s more – you can even pay using crypto.
All that needs to be done is changing an account from fiat to, for instance, Bitcoin via the app and your everyday purchases will come out of the Bitcoin account.
The bank is the most appealing to Millennial customers who value the ability to have all their finances in one mobile app and don’t have to receive paper bank statement or having to go to the branch physically.
The use of cryptocurrency has significantly grown amongst Millennials who are the most significant group interested in investing in crypto.
Now, they can do it all from the same account.
Revolut Cryptocurrency Charges
Revolut allows users to exchange 25 fiat currencies into crypto – which is significantly more than the majority of exchanges offers.
The bank doesn’t charge any deposit or subscription fees, but there is a 1.5% markup on the average exchange price.
Exchanging in Euro is pretty straightforward, and there are no hidden fees. But any other currency would first have to be transferred to Euro, then to cryptocurrency – which where the majority of the hidden costs come from.
The only fee that you have to keep in mind and will allow you to buy cryptocurrency is the monthly fee of €7.99 or €82.00 if paid annually.
You might come across complaints that this fee is related to Revolut allowing to purchase cryptocurrency, but this is a fee for the Revolut Premium account which gives you access to extra features, including cryptocurrency exchange.
Once Revolut will add Ripple (XRP) to its cryptocurrency portfolio, you will have to pay a monthly or annual fee to able to buy it.
The coin will likely increase in price after being available through such a popular medium such as Revolut.