European Tech Unicorn Revolut Raises $250 Million, Adds Ripple and Bitcoin Cash Trading
Revolut, the London-based digital banking startup that claims its platform is the “easiest, fastest way to buy, hold and exchange Bitcoin, Ether, and Litecoin at the best possible exchange rate,” announced the addition of Ripple and Bitcoin Cash to its trading options. The announcement includes news that the company raised a $250 million Series C investment round and is now valued at $1.7 billion.
Launching a crypto-enabled platform that fits within regulation is no easy task. During TechCrunch’s Disrupt Berlin conference last December, Revolut’s CEO Nikolay Storonsky touched on Revolut’s crypto service strategy: “Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive. We are going to open up cryptocurrency exposure to everyone, faster than any other platform on the market.”
The Revolut app, which allows users to trade crypto with over 25 different fiat pairs, claims the lowest fees and best exchange rates on the market. The England-based company states that it will be launching in the United States, Canada, Singapore, Hong Kong, Australia and New Zeland this year, with many more countries in the pipeline. There are currently over 100,000 people on the apps waitlist, with thousands more joining daily.
This is welcomed news for Ripple, who’s cryptocurrency, XRP, is the third largest by market cap. The company has notoriously struggled with exchange listings in the past, even resorting to attempting to buy its way onto major exchanges, including Gemini and Coinbase.
For Bitcoin Cash, which is already listed on Coinbase, this stands as one of only a few positive developments in recent months. The Bitcoin fork has dealt with recent controversy, including an ongoing feud with Twitter over its ownership of the @Bitcoin account and, more recently, a lawsuit against Bitcoin.com CEO and BCH advocate Roger Ver for deliberately misleading new users into buying Bitcoin Cash (BCH).
Revolut has the opportunity to make a significant impact on these new markets, as many cryptocurrency users look for a mobile-friendly, low-fee alternative to current cryptocurrency exchanges.