Revolut, the alternative banking solutions fintech company, is expanding its offer. The company is already growing quickly in part because its premium users can directly buy Bitcoin, Litecoin, and Ether, Now, they will also be able to purchase Bitcoin Cash and Ripple.
This development for the company is a consequence of a partnership with Bitstamp, which will be processing the backend transactions. Any cryptocurrency purchases or transfers will cost the user a 1.5-percent fee.
“After months of debate and hard work, we’re extremely proud to welcome XRP and BCH to the Revolut app, which means you can now instantly exchange any of our 25 supported fiat currencies directly into XRP and BCH,” the company said in its announcement.
Purchasers of cryptocurrencies will benefit from being able to pay with them using their Revolut cards, regardless of whether the establishment accepts digital coins or not. This is possible because the platform will simply calculate the fiat value of the payment and deduct the equivalent in the cryptocurrency from the account.
Revolut has been pushing its premium services to cryptocurrency enthusiasts for a while now, even offering a Platinum card more recently that offers 1% cashback in crypto as well as a concierge service.
Unfortunately, cryptocurrencies still can’t be transferred out of Revolut to personal wallets. The company cited “strict regulation” but said that it’s “not ruling out this option for the future.”
Users could convert their crypto into fiat, transfer the fiat money to a traditional bank account, and then buy back the coin in an exchange to send to their wallet. This may be a convoluted process, though, and it might give pause to people who wish to buy cryptocurrencies for the financial freedoms they offer.
This article appeared first on Cryptovest
