Revolut, a London-based neobank, is expanding its digital asset offering with the addition of 12 extra tokens as it seeks to build market share against crypto-native platforms.
The Neobank app has added BLZ, BOND, FIDA, GMT, GODS, GST, LPT, MINA, RAD, RNDR, SUPER, UNFI. As Revolut quadrupled its token portfolio in 2022, the latest additions bring the total number of cryptocurrencies available to customers in the UK and the EEA to nearly 100.
Revolut, which bills itself as a ‘digital banking alternative’, notes that all of these tokens are available for everyday card purchases. On top of that, users can benefit from the 1% cashback feature, which was recently launched for its crypto-enabled cards in the UK and Switzerland.
Alongside the launch, the London-based fintech has added a new currency to its ‘Learn & Earn’ courses, which launched in July and hit one million users just one month later.
“This year we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens and launched Crypto Learn & Earn education courses enjoyed by millions of our customers. Now, we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases,” said Revolut crypto general manager Emil Urmanshin.
Crypto Learn & Earn is a program offered by Revolut which allows eligible customers to learn about supported crypto assets by completing short lessons, and earn crypto rewards. The in-app courses have been created to help customers improve their knowledge of cryptocurrencies and related topics, including blockchains, and the most popular tokens and protocols.
The expansion of its crypto offering comes hot on the heels of introducing a new ‘spend from crypto’ feature, which converts users’ crypto balance into fiat money that can be spent to pay for everyday purchases.
The new feature makes it faster for Revolut cardholders to sell their crypto assets and push those funds to their credentials in real-time to pay for eCommerce and in-person purchases. The conversion transaction is subject to the exchange rate and crypto exchange fees applicable to each user’s subscription plan.
The challenger bank recently increased its fair usage caps, enabling US consumers to trade crypto up to $200,000 per month. Revolut, which is valued at $33 billion, has also launched price alerts, the ability to recur transfers, and enabled customers to buy crypto with their “spare change round-ups”.