The Banking Sector and Cryptocurrencies Get Nearer With Revolut

· 07 Dec 2017

Banks were usually far away from the cryptocurrency world. It seems that these two different (or very similar) industries now are getting nearer. Revolut, a mobile banking enterprise that allows customers to sell and buy different currencies now permits users to buy, sell and ‘hodl’ different cryptocurrencies.

Disrupt Berlin Conference

Bitcoin, Litecoin and Ether are merging with traditional banking clients. Revolut has announced at Disrupt Berlin Conference that the platform will now make possible for consumers to trade different cryptocurrencies with more than 25 fiat currencies.

The move comes just after the decision of some options exchange to list bitcoin futures. The CBOE and the CME are going to offer bitcoin to their institutional and important investors. As traditional traders approach to the cryptocurrency sphere, fiat currencies now do the same.

There has always been an intrinsic difficulty in dealing with fiat, virtual currencies and banks. Now this distance is shortened.

“Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive,” wrote Mr Storonsky.

Revolut has more than 1 million users in Europe and has processed more than 42 million transactions. The platform offers low fee transactions (1,5 percent) and no other hidden costs.

Banks and Cryptocurrencies Do Have Shared Topics

At UseTheBitcoin we have covered how Ripple was exploring technology solutions with different central banks from all over the world. The International Monetary Fund (IMF), once opposed to cryptocurrencies in general, is working with Ripple in order to deliver better products and services.

“As fin-tech innovations gather pace, boundaries are blurring between intermediaries, markets, and new services providers” commented the IMF at an event held at Carnegie Hall in New York City.

Furthermore, Ripple is working with American Express in order to develop blockchain payments. Cryptocurrencies, with their own features, are helping the fin-tech industry to have a healthy expansion and integration with the traditional banking world.

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