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Revolut’s New Crytocurrency Funding Fuels its Growth

Written by:
Guest
Published on:
Apr/30/2018

 

The evolving world of cryptocurrency can be hard to keep up with given all the changes that take place on an almost daily basis. New startups continue to shape the future, while the companies that got cryptos off the ground continue to fight for stability in what can sometimes be a very volatile industry. According to a recent report on ArmyOfBitcoin.com, one  of the most successful startups working in this industry is Revolut. It has received a substantial injection of capital to expand its efforts to new markets. The London-based alternative banking app is also looking to introduce trading in Bitcoin Cash (BCH) and Ripple (XRP) on its cryptocurrency platform.

The report mentions a Revolut blog post that stated that it had raised a Series C investment of $250 million. This has the company valued at $1.7 billion to make Revolut “one of the fastest companies in Europe to reach unicorn status.” This new funding initiative was led by Hong Kong’s DST Global. Also mentioned are  Index Ventures and Ribbit Capital when it comes to other companies providing the additional funds for expansion and growth.Revolut was founded in July of 2015 and it has been on the fast track ever since. Its principal business involves services for prepaid debit cards using Visa and Mastercard. It also offers a fiat currency exchange, peer-to-peer payments, personal loans, remittances, travel insurance and international money transfers.

One of the first results of this new injection of cash was the addition of Bitcoin and Ripple as two new cryptocurrencies on its Revolut Crypto platform. In a company statement included in the Army Of Bitcoin report, it was stated that, “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).” Check out live cryptocurrency prices at Army Of Bitcoin.

This additional source of funding will also be used to expand the company’s workforce by a sizable amount over the next several months. As a startup based in London, its ultimate plan is “to scale the company globally” by hiring developers and designers to help move this expansion of services forward. New areas of business that were mentioned i nclude the United States, Canada, Singapore, Hong Kong, Australia and New Zealand by year’s end.This is a very ambitious plan to say the least, but company officials have recently stated that over 100,000 people are currently on Revolut’s waiting list for expanded services. Also in the works are expansion plans into a new securities investment-based service.

These plans are already in the pipeline due to this influx of additional capital.According to a spokesperson for the company as quoted in the piece, “Revolut Wealth will be our next milestone, as we expand our services to allow our users to invest their fund s into stocks, indexes and exchange funds (EFT’s), alongside a variety of other financial instruments.”Make a note of this company as it embarks on this aggressive expansion. It appears to be a drive n endeavor that now has the financial resources to turn these plans into reality.

Business/Financial News

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