Cryptocurrency trading continues to make inroads all over the world. Surprisingly, this trend has been quite prevalent in the broader financial industry. Revolut, a digital banking startup, enabled support for Bitcoin, Ether, and Litecoin quite some time ago. They now provide support for XRP and Bitcoin Cash as well, on the heels of raising another $250 million in funding.
REVOLUT IS ON A ROLL
When major financial service providers begin paying attention to cryptocurrencies, things will undoubtedly get exciting. Revolut has made its intentions regarding cryptocurrencies quite clear, as they already offer support for Bitcoin, Ethereum, and Litecoin. Users can buy, hold, and exchange these currencies at the best possible rate at all times.
With the company now adding XRP and Bitcoin Cash to their list, the London-based digital banking startup is banking big on various cryptocurrencies. It is pretty interesting to see this company acknowledging that the demand for access to cryptocurrency volatility is on the rise. With prices rebounding a bit this month, it is only normal that people want to get in on the hype.
This news comes at an interesting time for both the cryptocurrency industry and Revolut itself. The company recently completed a Series C funding round of $250 million, which brought its total valuation to $1.7 billion. Whether or not this successful Series C funding has anything to do with the company’s newfound focus on cryptocurrencies remains unclear, although it may have helped quite a bit.
With the addition of these new currencies, Revolut is strengthening its position in the market. Its crypto-oriented trading solution is fully compliant with existing regulation. However, there is still a fair bit of scrutiny to contend with when it comes to running a company providing services to multiple cryptocurrencies, even if that list only includes the top currencies ranked by market cap.
Perhaps the most interesting addition to Revolut’s offerings is XRP. Since it’s more of a digital asset than a traditional cryptocurrency, its addition to Revolut could spark a lot of renewed interest in XRP. Especially considering that this asset has struggled to get on some of the world’s largest exchanges, having Revolut on board is a major development. It’s also good news for Bitcoin Cash, which continues to make inroads in the cryptocurrency world as well.
With mobile banking apps like Revolut bringing consumers and cryptocurrencies together, it will be interesting to see how this development affects the likes of Bitcoin and Ethereum moving forward. With the global interest in this new form of money still rather high, one would expect the value of these currencies to continue rising accordingly. Only time will tell whether or not that occurs, as this volatile industry goes through its ups and downs on a rather regular basis.