Therefore, if you are spending money through Revolut’s debit card and run out of fiat currency, it will automatically convert the necessary amount of cryptocurrency to fiat to fund your transaction. The move comes as cryptocurrency becomes increasingly legitimate in the eyes of the world, following Bitcoin blowing past USD 17,000 per coin, and traditional futures exchanges preparing to allow Bitcoin futures trading in December 2017.
Revolut’s CEO feels that crypto is going mainstream and will quickly become a critical part of all banking. He cited that during Revolut’s week-long crypto beta test, 10,000 customers traded USD 1 million in cryptocurrency, according to TechCrunch.
Revolut promises to offer competitive rates on crypto transactions, charging only a flat, up-front 1.5% without other hidden fees that can add up to 5% to 9% on other platforms. Customers will be able to buy through all of Revolut’s base currencies so there’s no need for extra foreign exchange fees if you want to buy in Swiss Francs, for example.
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