Revolut allows users to buy products, book flights and pay for holidays with cryptocurrencies, just like any other global currency, all through its mobile finance app. Rose Dykins reports
Users of the Revolut finance app are now able to make purchases and pay bills with select cryptocurrencies via a new “spent with crypto” feature.
Additionally, first-time investors in the cryptocurrency realm will be able to use Revolut to explore this opportunity and invest in the digital currency for as little as $1 and track the fluctuating value of their investment via the app.
Revolut’s new service helps users invest in Bitcoin, Ether and more than 90 other tokens from more than 30 cryptocurrency services. The app can be used to buy, sell or trade cryptocurrencies with friends.
Once the app has been synced with a designated payment card, payments can be made in your preferred cryptocurrency for day-to-day transactions (exchange fees will apply). Payments may also be rounded with reserve change reinvested in cryptocurrency investment.
The app will also help users monitor fluctuations in the cryptocurrency trading market through notifications and news updates, and set target prices for cryptocurrency investments by receiving an in-app notification when an investment has matured to reach a target price pre-established.
In other news, financial app Moneygram has also launched a cryptocurrency service. Users can trade and store Bitcoin, Ethereum and Litecoin through the app. The company plans to increase its future selection of cryptocurrencies as it explores expansion into other markets in 2023.
Moneygram’s cryptocurrency service is made possible through the company’s existing partnership with Coinme, a licensed cryptocurrency exchange and crypto-as-a-service provider.
Since 2021, MoneyGram and Coinme have worked collaboratively to expand access to cryptocurrencies by creating thousands of new locations across the United States where consumers can buy and sell Bitcoin for cash.
Alex Holmes, president and CEO of MoneyGram, says: “Cryptocurrencies add to everything we’re doing at MoneyGram. MoneyGram allows instant access to over 120 currencies worldwide, and we see cryptocurrencies and digital currencies as another input and output option.
“As the next step in MoneyGram’s evolution, we are excited to provide our customers with access to a reliable and easy-to-use platform to buy, sell and hold select cryptocurrencies securely.
He adds: “As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions and strong culture of fintech innovation. We are excited about this next chapter in our journey.”
German digital bank N26 is also expanding its cryptocurrency trading offering from Austria to five new markets: Germany, Switzerland, Belgium, Portugal and Ireland.