London-based challenger bank Revolut has expanded the list of its cryptocurrency offerings—but only for European clients.
British fintech app Revolut has added four additional cryptocurrencies to the platform, allowing its customers in the European Economic Area to buy EOS, OMG Network (OMG), 0x (ZRX), and Tezos (XTZ) tokens, the company announced on Thursday.
Currently, the app supports other major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple’s XRP, and Stellar Lumens (XLM)
According to Finance Magnates’ report, Revolut added these new tokens in response to high demand from its customers.
As Decrypt reported, Revolut users from the US have access only to a limited number of coins. Initially, the company launched the American version of its app in July, limiting it to Bitcoin and Ethereum. In September, the company added Bitcoin Cash and Litecoin trading for US clients.
Headquartered in London, Revolut is a “challenger bank”—like Venmo and Cash App—that’s trying to play on the same field as regular financial institutions. It attracts clients by offering a modern app and lower conversion fees as well as supporting cryptocurrencies.
According to the bank’s report published on August 12, it held around £2.2 billion (roughly $2.9 billion) in fiat holdings at the time.
Notably, there are a couple of limitations in Revolut’s crypto offerings—applied to both its US and EU customers. Namely, the cryptocurrencies bought via its app remain locked there, with the bank acting as their custodian. Apart from buying, customers can only transfer their crypto to other Revolut users.
Never mind; they’re only issuing IOUs. Wouldn’t want folks withdrawing to a censorship resistant wallet, after all! https://t.co/21f0sQh5cX
— Jameson Lopp (@lopp) October 21, 2020
This system is somewhat similar to PayPal’s. While the payments giant launched cryptocurrency trading for US users in mid-November, digital assets bought on its platform cannot be withdrawn from there to any external addresses. At least, for now.
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