London-based fintech startup Revolut — which is today adding Bitcoin Cash and Ripple XRP to its cryptocurrency trading app — has revealed its users make around 100,000 Bitcoin, Litecoin and Ethereum exchanges everyday. The fledgling company, which is Europe’s fastest growing so-called unicorn, said 20% of its 400,000 users have now unlocked cryptocurrency trading since it was made available on its app late last year. The app allows Revolut customers to change fiat currency into crypto and trade their existing cryptocurrencies for others.
“We’ve been asking the Revolut community which cryptocurrencies they would like to see next, and the demand for both XRP and Bitcoin Cash has been absolutely overwhelming,” said Vlad Yatsenko, Revolut chief technology officer.
The company said the decision to include Bitcoin Cash and XRP was made because “other major cryptocurrency exchanges are yet to support these digital currencies”.
The Bitcoin price has stumbled in recent weeks, despite hopes Blockchain Week New York and the major Consensus conference would bring a surge of investment. Bitcoin was trading around $7,500 last night, down some 5% over the 24 hour period and far from the near $10,000 mark it brushed at the beginning of May.
Bitcoin trading volumes have hovered between five billion and six billion for the past week, significantly down from volumes earlier this month. Elsewhere, Ethereum has lost almost 10% of its price since the beginning of the week, trading a little over $600 last night. Meanwhile, Revolut last week launched a feature allowing users to save up spare change in cryptocurrencies, with 50,000 customers signing up.
After Revolut added cryptocurrency trading last year it broke even in December for the first time — and added 500,000 customers in January and February to take its total customer base to 1.5 million. Revolut has ambitions to entirely replace conventional bank accounts and now claims to process $1.8 billion in transactions each month.
Since it was established in July 2015, Revolut has processed 60 million transactions with a total volume transaction of $15 billion. Revolut has raised a total of $336 million from investors and in April told Forbes it’s quintupled its valuation to $1.7 billion, following a record $250 million funding round led by Hong Kong’s DST Global.