INSUBCONTINENT EXCLUSIVE:
Fintech startup Revolut is adding Bitcoin Cash and Ripple to its cryptocurrency feature
While cryptocurrency isn’t really Revolut’s focus point, it’s a good way to get started with cryptocurrencies.If you have a Revolut
account, you can now buy and hold Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash
Behind the scene, the startup has partnered with Bitstamp to process the transactions
Revolut currently charges a 1.5 percent fee for cryptocurrency transactions
There are currently 100,000 cryptocurrency transactions per day.Compared to a traditional cryptocurrency exchange, you can’t send or
receive cryptocurrencies from your Revolut account
You don’t get a bitcoin address for instance
All you can do is buy tokens in the app
If you want to transfer those tokens somewhere else, you’ll have to sell them for USD, GBP, etc
and then buy cryptocurrencies on a traditional exchange using your fiat money.Recently, the startup also announced a new feature called
Revolut users can set up a vault to save money over time.You can round up your spare change every time you make a transaction
For instance, if you pay $3.47 for that delicious ice cream, you’ll save 53 cents in your vault
You can also multiple that amount so that you save multiple times your spare change with each transaction
Many fintech startups also provide this feature.You can also set up recurring payments to set aside a bit of money each day, each week or
Interestingly, you get to choose the currency of your vault
So it means that you can decide to buy ethers with spare change and weekly payments for instance
It’s a great way to hedge against the volatility of cryptocurrencies.Users don’t earn interests on vaults
It’s just a way to set some money aside that doesn’t appear in your main Revolut account
You can decide to close your vault whenever you want.
