Fintech startup Revolut is adding Bitcoin Cash and XRP 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, XRP 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 Vaults. 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 each month. 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.