London Neobank Revolut Debuts Four New Cryptocurrencies
London challenger bank Revolut has rolled out four new cryptocurrencies — EOS, OMG Network, Tezos and 0x — for users in the Europe Economic Area (EEA), the company said in a blog post on Thursday (Dec. 10). Revolut first added bitcoin, ether and litecoin in 2017.
Blockchain-based EOS enables the development, hosting and execution of decentralized applications (dApps). It aims to improve speed, scalability and flexibility for dApps.
OMG Network is looking to integrate multiple electronic wallets using the OmiseGo blockchain, while 0x is a decentralized exchange that enables developers to create their own cryptocurrency exchanges.
The blockchain network Tezos is linked to a digital token called a tez or a tezzie. “Token holders receive a reward for taking part in the proof-of-stake consensus mechanism,” the blog post said.
Revolut added these new tokens in response to high demand from its customers, according to a report in Finance Magnates. The startup reminded people that cryptocurrencies are not regulated in the U.K. by the FCA and are not protected by the Financial Services Compensation Scheme.
In March, Revolut launched in the U.S. to meet demand, the company said. The FinTech partnered with Metropolitan Commercial Bank for FDIC backing of deposits up to $250,000.
“As the cost of living increases disproportionately to people’s take-home salaries, now more than ever, people need to know exactly what is coming in and out of their accounts. They should have the tools to help them manage their money more conveniently and accurately,” said Nik Storonsky, founder and chief executive officer of Revolut.
Revolut is one of the few FinTechs to break even so quickly, but it did see a 40 percent dip in revenues amid the initial coronavirus outbreak. Storonsky said the company is now 50 percent ahead of where they were pre-pandemic.
But “we’re now actually 50 percent ahead in terms of revenues compared to pre-COVID levels,” Storonsky said.