Revolut introduces 11 new cryptocurrencies as users flock to crypto trading
Savings and Investment
The new coins take the total available cryptocurrencies on Revolut’s platform to over 20.
Image source: Revolut
Digital banking service Revolut has taken yet another step closer to becoming a one-stop-shop for all of its users’ financial needs.
The fintech, which is well on its way to becoming a financial ‘super app’, has added 11 new cryptocurrencies for its UK and EU customers to trade, taking its total offered up to over 20 coins.
In a blog post, Revolut said: “You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies.”
Users will now be able to trade Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph, as well as the other 30+ cryptocurrencies already available on Revolut’s trading platform.
As it stands, Filecoin is the most expensive coin to be added, coming in at £ 110.42 per coin, while Cardano is the least expensive, currently sitting at around £0.88 per coin.
To help familiarise users with the new coins, Revolut also provided a short blurb about each new coin and reminded users of the risks and volatility surrounding cryptocurrencies.
Earlier this year, Revolut issued a warning to its customers about Ripple’s cryptocurrency XRP after several exchanges began delisting the electronic currency.
Despite warning its customers away from XRP, Revolut’s users could still trade the embattled coin as long as its partner exchange continues to allow it to do so.
Unlike other crypto wallets, Revolut’s users can’t actually remove their purchased coins from the Revolut app, rather they are held “in cold storage with some of the best custodians in the crypto game.”
A recent AltFi investigation has discovered that Revolut could potentially be sitting on a pile of crypto worth around $1bn and while users can’t actually remove their coins from their Revolut wallets, it’s a clear sign that crypto trading is increasingly popular for Revolut’s users.
Both stock and crypto trading has boomed over the past 12 months, even more so since the beginning of this year with the rise of ‘Meme Stocks’ and the Reddit vs Wall Street saga, which prompted the likes of Revolut to halt trading of certain stocks thanks to unexpected volatility.
UPDATE 09-04-2021 - A previous version of this article misstated the amount of cryptocurrencies available on Revolut’s trading platform.
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Daniel Loeb’s $17B Hedge Fund Is Keeping Crypto With Coinbase – And Maybe Even Staking It
Billionaire investor Daniel Loeb’s “deep dive into crypto” last month led his $17.6 billion hedge fund to a familiar place: a custody deal with Coinbase.
Loeb’s Third Point LLC now holds cryptocurrency from five of its funds with Coinbase, according to regulatory documents obtained by CoinDesk. Some tout billions of dollars in underlying assets, but it is not clear how much of that is in crypto, which assets, or for how long they’ve invested.
With less than a week to go before Coinbase’s Nasdaq debut, the custody tie-up underscores how Brian Armstrong’s nine-year-old firm has transformed itself from a bitcoin-only digital wallet into a massive vault for Wall Street’s crypto bets.
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Coinbase revealed it held $122 billion in institutional assets during this week’s voluntary earnings call. It expects “meaningful growth” driven in part by custody revenue in the year ahead.
CoinDesk reported earlier this week that fellow hedge fund titan Paul Tudor Jones is also a Coinbase client, offering a glimpse at the deep-pocketed investors behind the exchange’s institutional assets under management.
Third Point did not respond to CoinDesk by press time.
Click the image for CoinDesk’s full coverage of the Coinbase public listing.
‘Deep dive’
The hedge fund’s true exposure to crypto assets remains more opaque. In a brochure accompanying the March 31 filings, Third Point said it can invest directly in cryptos or indirectly through derivatives contracts.
Notably, it is open to staking and lending any cryptos as well, the documents say.
“This is the first big traditional hedge fund that I know of that is doing staking,” said Tim Ogilvie, who runs a company called Staked that provides staking services to institutional investors, after reviewing the documents.
“On the one hand I’m surprised. On the other hand I’m not surprised,” he added. “If you want to hold a crypto asset that is proof-of-stake I think you have a fiduciary responsibility to stake.”
Proof-of-stake blockchains like Tezos, Cosmos, Solana and others reward token holders with payouts akin to interest for securing the network with their contributed holdings.
Institutional investors are slowly waking up to staking, Ogilvie said. With staking there are two gains generators: the token price and the staking payout. It’s a guaranteed reward on top of a speculative bet. Ogilvie said there are $4.5 billion in crypto assets on Staked.
Third Point invests
Loeb has never publicly disclosed his crypto holdings. But he began to toy – at least publicly – with the asset class in an early-March tweet.
Third Point’s own foray into crypto likely started well before. In mid-March the asset manager revealed it is backing crypto exchange eToro, which, like Coinbase, is gearing up for a Nasdaq debut.
eToro’s SPAC deal (it is going public through a merger with FinTech Acquisition Corp. V, or FTCV) gave Third Point and Loeb an opportunity to invest.
They did: Loeb now holds 3 million shares, or more than 10%, of FTCV, worth nearly $43 million on Friday, according to filings.