Revolut adds 4 additional cryptocurrencies to its application

Neo-bank Revolut is expanding its cryptocurrency offering by adding EOS, OMG Network (OMG), 0x (ZRX) and Tezos (XTZ) for its European customers.

4 additional cryptocurrencies

London-based Revolut has announced support for 4 additional cryptocurrencies to enable its European customers to purchase EOS , OMG Network (OMG), 0x (ZRX) and Tezos (XTZ) .

It was already possible to buy major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP and Stellar (XLM). It is therefore now possible to buy 10 different cryptocurrencies on the application.

According to Revolut, the new additions meet significant user demand . The neo-bank claims 12 million customers worldwide and has exceeded one million customers in France.

Revolut has not changed its pricing structure for cryptocurrencies, the neo-bank charges a 2.5% commission for each conversion. Users with a Premium or Metal subscription benefit from a 1.5% commission .

Limited service

The cryptocurrency purchasing service offered by Revolut for its American and European customers has some limitations .

Indeed, cryptocurrencies purchased via its application remain locked there , the bank being the custodian. Apart from the purchase, customers can only transfer their cryptocurrency to other Revolut users . Additionally, customers cannot pay in cryptocurrency using their bank card.

In July 2020, the neo-bank had yet taken a step forward by giving its users a „right of use“ on crypto assets.

“You will own the rights to the financial value of any cryptocurrency that we purchase for you. We will hold it on your behalf and you will have a right (called a “beneficial interest”) in it. „

A change which had given legal property rights to clients, but which seems relatively limited in practice.

However, in October Revolut integrated a new wallet and a new retention system in partnership with the company Fireblocks . Fireblocks‘ commitment aims to improve the customer experience and promote the introduction of new services dedicated to cryptocurrencies.