Revolut, one of the UK’s largest mobile banks, has added the Stellar Lumen (XLM) cryptocurrency to its offer, allowing its users to buy and sell this token.
The first information about the new update appeared on the Coindesk portal on Monday. The new offer was created because of the “overwhelming demand” for XLM among Revolut users. It became the sixth token available in the offer of this mobile bank, joining Bitcoin, Ether, Bitcoin Cash and XRP.
Revolut customers can buy, sell and store these digital assets in their regular accounts.
Giving customers back ownership of stored cryptocurrencies
The UK-based company first introduced cryptocurrency support in the app in early 2018, but unlike other cryptocurrency platforms, however, there was a catch. Revolut clients did not really have physical digital currencies, but only exposure to them. The real owner of the funds was the company itself.
Last month, however, the platform updated its terms, giving its clients favorable rights to own and hold their investments. The update was rolled out as the platform began providing cryptocurrency services to all of its UK clients – previously only Premium and Metal clients could buy, sell and store digital assets.
Despite the so-called “favorable right” to owning cryptocurrencies, there are still some limitations. Revolut customers can only transfer digital currencies within the platform’s ecosystem, which means they cannot transfer their funds to any external wallet.
“The addition of Stellar and the transfer of cryptocurrency ownership to our customers is the first in a series of steps we are taking to seriously restructure our crypto product.”
Revolut’s head of cryptocurrency, Ed Cooper, said.
Revolut is one of the most respected fintech technologies in the UK and Europe, and is currently focused on expanding into the overseas market. This year, Revolut entered the United States and also offered its cryptocurrency services to clients in all states except Tennessee. There, Revolut teamed up with Paxos, a cryptocurrency services company that recently started providing brokerage services, to obtain a regulatory approval.