After Collabing with Paxos For Crypto Banking In The US, Revolut Adds Stellar Lumens (XLM)
- U.K.’s digital bank Revolut adds the capability to buy, sell and transfer Stellar Lumens, XLM.
- XLM becomes the sixth token to gain listing by the bank.
- Revolut expands digital assets’ ‘beneficial rights’ to crypto owners in the bank.
Revolut, one of U.K.’s and Europe’s rising digital banks, listed the 14th largest token, Stellar Lumens (XLM), allowing its customers to buy, sell, hold and transfer the token within its ecosystem. According to a blog post on Coindesk, Revolut’s latest listing is due to “overwhelming customer demand” XLM in the near past. Revolut’s crypto head Ed Cooper said,
“Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our crypto product.”
The digital bank introduced its crypto buying functionality back in 2018, allowing customers to trade and hold digital assets on its mobile app directly. The exchange, however, kept the digital assets giving users only an ownership right to the assets bought.
Furthermore, at launch, the bank only allowed it's Premium, and Metal customers to trade, hold, and transfer digital coins. Now the platform allows trading and holding up to six cryptos, including Bitcoin (BTC), Ethereum (ETH), XRP, and Bitcoin Cash (BCH).
A Long Road Back
After raising $500 million at the start of the year, Revolut amended its terms allowing users a ‘beneficial right’ to their digital assets. This switched the stance from the right of ownership to all customers on the platform being able to buy, sell, hold, and trade cryptocurrencies freely in Revolut’s network.
However, the platform does not allow users full ownership of their assets as they can’t withdraw their funds to an external wallet.
The digital trading app is making huge steps towards replacing the old financial guard. In mid-2019, Revolut launched fractional stock trading on its app in a bid to onboard the younger generation to traditional markets. Notwithstanding, the Australian financial watchdog, ASIC, approved the firm’s Australian Financial Service License (AFSL), giving it the go-ahead to launch digital asset operations in the country.