financemagnates.com
Revolut, the London-headquartered challenger bank, announced the addition of 11 more cryptocurrencies to its offerings for its customers in the United Kingdom and the United States.
The newly added digital currencies are Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph. The list includes the popular digital currencies, which saw a massive jump in their prices due to the increased demand.
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“2021! Revolut’s year of crypto,” the company stated in the announcement. “A whole year to bring you new features, new tokens, and a few other surprises along the way.”
Crypto Demand is Rising
The fintech company first added cryptocurrencies in its offerings in 2017 with only Bitcoin but expanded the list with Ethereum and Litecoin, as well, later that year.
Revolut’s is primarily offering digital banking services to its customers spanning across 35 countries. But the company saw a massive surge in crypto trading over the years as its customers held more than $120 million in cryptocurrencies.
The company is also slowly expanding its crypto services to all its operating countries, but it is not clear when it will update its global offerings with the newly added cryptos.
With the demand growing crypto, the fintech company also updated the terms of its crypto offerings last year, giving its users a so-called ‘beneficial right’ to their holdings. However, the users can only transfer their digital currency holdings with another Revolut user, not to any outside wallet address.
The announcement further stressed that the company stores all digital currencies in cold wallets to protect the user funds from any mishaps.
“The majority of our crypto funds are held in cold storage with some of the best custodians in the crypto game. External hard drives used for cold storage are disconnected from any networks when crypto transactions aren’t happening, so they’re very resistant to hacking.” Revolut noted.