Mobile banking app Revolut now lets users buy, sell and hold Ripple's XRP and bitcoin cash.
In the post, Revolut explained the reason for choosing XRP and BCH in particular, saying they were the "two most popular cryptocurrencies our community wanted." However, it remains open to adding more options in future if users make enough "noise."
Revolut is also allowing users to use the cryptocurrencies to top up their debit cards with crypto, saying, "We'll simply deduct the fiat value from your cryptocurrency using the real exchange rate the moment you pay with your Revolut card."
According to another blog post, for cryptocurrency purchases, Revolut charges a 1.5 percent markup on "the average exchange price," which is obtained using live prices from its partner exchanges. Further, while users can send cryptocurrency to other users using the payment option, the firm says that they may not directly transfer them in or out of the app due to "strict regulation."
The U.K.-based app provider's move to offer cryptocurrency services came about following the completion of a $66 million Series B funding round last summer. Index Ventures, an investor in crypto startups BitPay and Xapo, as well as Balderton Capital and Ribbit Capital took part in the round.
Revolut app image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.