Business 27 April 2018

Gerald Fenech

Europe’s new tech ‘unicorn’ Revolut adds support for Bitcoin Cash, Ripple

London-based alternative banking app Revolut’s plans to move forward in the cryptocurrency got a major boost, after the European company announced that it has secured a major injection of capital. With the new funding, Revolut said it will expand into other markets and introduce trading in Bitcoin Cash (BCH) and Ripple (XRP) on its cryptocurrency platform.

In a blog post, Revolut said it has raised a Series C investment round of $250 million, putting the company’s total valuation at $1.7 billion. This, according to the company, makes Revolut “one of the fastest companies in Europe to reach unicorn status.”

Revolut’s latest funding round was led by the Hong Kong-based DST Global, with Index Ventures and Ribbit Capital also taking part. This is incredible growth for the startup that was founded in July 2015, offering services such as prepaid debit cards (VISA or Mastercard), a fiat currency exchange, peer-to-peer payments, personal loans, remittances, travel insurance as well as international money transfers.

Revolut celebrated its new financing by adding support to two new cryptucrrencies on its Revolut Crypto platform: Bitcoin Cash and XRP.

“We’re extremely proud to announce that we will be adding Ripple (XRP) and Bitcoin Cash (BCH), alongside the current Bitcoin (BTC), Litecoin (LTC) and Ether (ETH),” the company said in a statement.

With fresh funding on hand, Revolut is also looking at expanding its workforce considerably over the next few months. The London startup is embarking on a hiring spree for developers and designers to help its plan “to scale the company globally.” Revolut plans to launch in the United States, Canada, Singapore, Hong Kong, Australia, and New Zealand this year.

At the moment, there are over 100,000 people who have signed up to Revolut’s waiting list, the company stated. The startup also has plans to add a new securities investment-based service in the pipeline.

“Revolut Wealth will be our next milestone, as we expand our services to allow our users to invest their funds into stocks, indexes and exchange traded funds (ETFs), alongside a variety of other financial instruments,” according to the company.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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