Revolut has added 11 new cryptocurrencies for its UK and EU customers to trade, taking its total offered up to over 20 coins. The company believes that 2021 will be the Revolut’s year of crypto. A whole year to bring customers new features, new tokens, „and a few other surprises along the way”.
„You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies. You’ll now be able to trade Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph,” according to a Revolut’s blog post.
„As always, we want to remind you of the risks involved when buying or selling crypto, and that the prices of crypto can be very volatile. Your capital is at risk. While we believe in crypto accessibility for all, we also know that it might not be appropriate for everyone. Please consider your personal circumstances when buying or selling crypto,” advices Revolut.
If you’ve recently started buying crypto, or you’re more of a casual trader, you might not be familiar with some of our new names. Here’s the rundown, so you can get a bit more familiar before you start exploring in the app. The information here is correct at the time of writing. Check out Nomics to see up to date data on all of Revolut new tokens.
BNT is an Ethereum token powering the Bancor Protocol. The protocol aims to allow crypto assets that would have been traditionally difficult to trade due to low liquidity to be exchanged directly on-chain. Bancor does this by enabling automatic price determination and an autonomous liquidity mechanism for tokens on smart contract blockchains. Read more on their website.
ADA is the token which powers the Cardano blockchain. It relies on a proof-of-stake consensus model called Ouroboros. Cardano validates blockchain transactions without high energy costs. Read more on their website.
FIL is the native protocol token of the Filecoin network. Filecoin is a decentralised storage network which aims to let anyone host, store, or receive digital information. It turns cloud storage into a market and allows users to sell their excess storage on an open platform. Read more on their website.
LRC is an Ethereum token supporting the Loopring protocol. The protocol is a collection of Ethereum smart contracts which describe how to build highly-secure, highly-scalable orderbook-based decentralised exchanges, automated market makers, and payment apps. The goal of Loopring is to promote decentralisation and reduce user reliance on traditionally centralised services such as exchanges and help enable global liquid markets. Read more on their website.
Numerai is a crowd-sourced, AI-run investment firm which allows the public to submit machine learning models to predict stock prices. These crowd-sourced models are ranked weekly in what Numerai calls “the hardest data science tournament on the planet”. Winners are rewarded with NMR, an Ethereum token. Read more on their website.
OXT is an Ethereum token which powers the Orchid network. Orchid focuses on enabling a decentralised virtual private network (VPN). Users who want to use the network to maintain their privacy whilst using the internet can use OXT to buy bandwidth from sellers listed on a provider directory stored on an Ethereum smart contract. Read more on their website.
Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralised by the Synthetix Network Token, SNX. SNX is an Ethereum token which enables the issuance of synthetic assets known as Synths. Synths allow real-world currencies, commodities, stocks, and indices to be represented directly on the blockchain. Read more on their website.
GRT is the Ethereum token that powers the Graph Network. It’s an indexing protocol for querying which aims to allow users to efficiently query blockchain data without relying on a centralised service provider. Similar to how Google indexes the web, The Graph indexes blockchain data. Read more on their website.
UMA is a financial contracts platform and Ethereum token built to enable Universal Market Access on Ethereum. The platform focuses on „priceless” financial contract templates – contracts that don’t require an on-chain price feed to function. They can be used to create synthetic tokens and Data Verification Mechanism (DVM), an optimistic oracle service. Together, these two technologies enable the creation of fast, efficient, and secure synthetic derivatives on the Ethereum blockchain. Read more on their website.
UNI is an Ethereum token that powers Uniswap, an exchange that allows users to easily trade different Ethereum assets in a decentralised manner. It uses an automated market making system rather than a traditional order book. Read more on their website.
YFI is an Ethereum token that governs the Yearn Finance platform. Yearn Finance are a suite of products that provide lending aggregation, yield generation, and insurance on the Ethereum blockchain. The protocol is maintained by various independent developers and is governed by YFI holders. Read more on their website.
Unlike other crypto wallets, Revolut’s users can’t actually remove their purchased coins from the Revolut app, rather they are held “in cold storage with some of the best custodians in the crypto game.”
A recent AltFi investigation has discovered that Revolut could potentially be sitting on a pile of crypto worth around $1bn and while users can’t actually remove their coins from their Revolut wallets, it’s a clear sign that crypto trading is increasingly popular for company’s users.
Revolut says that it holds crypto offline „to prevent hacking and keep your crypto safe”.
„The majority of our crypto funds are held in cold storage with some of the best custodians in the crypto game. External hard drives used for cold storage are disconnected from any networks when crypto transactions aren’t happening, so they’re very resistant to hacking.„
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
