Revolut, the global financial superapp with more than 20 million customers worldwide, expands this week its list of cryptocurrencies offered to customers and diversifies its educational resource Learn & Earn, which has been completed by approximately 2.6 million crypto enthusiasts.
Aside from the diversity of the educational content available in-app, Revolut is also strengthening its crypto offer to customers with an extended list of tokens. The Revolut crypto portfolio will add 12 new tokens – BLZ, BOND, FIDA, GMT, GODS, GST, LPT, MINA, RAD, RNDR, SUPER, UNFI – which brings the total number of cryptocurrencies available to buy and sell to nearly 100. The app will allow customers to use all of them for everyday card purchases and benefit from the 1% cashback, as the new feature, crypto-enabled cards, is officially launched today in the first two markets the UK and Switzerland.
Learn & Earn
With 64% of users new to crypto trading on Revolut, Learn & Earn has consolidated its role in transforming technical crypto jargon into more accessible information for a broader audience. Revolut’s new Learn & Earn courses have been created to help customers improve their knowledge of cryptocurrencies and related topics, including blockchains, and the most popular tokens and protocols.
The new course is available to Revolut customers in the UK and the EEA on popular decentralised aggregator, 1inch, making it possible to earn up to £10 (or 10 EUR) in 1INCH and DOT tokens by taking short and simple courses and passing the quiz. This new 1inch course is in addition to the previous courses completed by millions of Revolut users already on “Crypto Basics”, and “Polkadot”. The reward a customer can receive for completing a lesson will be shown in the Revolut app before starting each lesson, denominated in a user’s local currency (like GBP or EUR), but the reward will be in a cryptocurrency token and added to the user’s Revolut crypto balance (for example: “EUR 5 of 1INCH tokens”), only after completing the quiz.
The new course is split in 3 lessons, with differentiated content that focuses on key concepts underpinning decentralised exchanges like 1inch:
- The first lesson explains how decentralised exchanges allow people to trade cryptocurrencies directly (peer-to-peer), without a broker or ‘middle-man’ acting as an intermediary between them;
- The second lesson focuses on how 1inch manages to get the best prices through an algorithm called Pathfinder;
- The third lesson is about decentralised autonomous organisations (DOAs) and how they solve governance issues by allowing everyone from token holders, users, and the general community, to have a say in decision-making.
Emil Urmanshin, Crypto General Manager at Revolut said: “When we introduced the ‘Learn & Earn‘ courses, we aimed to make the crypto world more accessible to a larger public. The results exceeded our expectations and we are confident in the impact of the project. This new series of lessons, developed with the 1Inch Foundation, will bring to customers more clarity on different crypto concepts. At the same time, we are thrilled to see the rising interest for cryptocurrencies and blockchain technology across different age segments and markets.”.
Learn & Earn attracts mostly 18-34 y.o., and almost ⅔ of the total number of crypto fans that completed the courses and earned the rewards fall into these age categories.
Revolut plans to add more courses to Learn & Earn, by the end of the year, and to offer increasing access to consumers to better control their finances and give them safe access to new tools and technologies.
Also today, but exclusively in the UK and Switzerland, Revolut enhanced its debit cards with a crypto spending mode. The new feature can be activated on any existing card allowing customers to switch between the currencies they spend from, including digital currencies. This way any card could be easily turned into a “crypto card” within the Revolut retail app. The novelty is a direct response to the growing demand from crypto enthusiasts, who not only hold or trade their tokens, but also wish to use their cryptocurrencies for everyday card purchases.
Crypto-enabled cards offer a 1% cashback for all purchases, both online and offline, during the promo period. The cashback is paid out in the same currency that the spend is in i.e. if the spend is in BTC the 1% cashback is also paid out in BTC. Customers will be able to combine both their current plan cashback along with the crypto-enabled cards cashback during the promo period.
“This year we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens and launched Crypto Learn & Earn education courses enjoyed by millions of our customers. Now, we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases” – said Emil Urmanshin, Crypto General Manager at Revolut.
How to make a regular card a “crypto card”?
Customers wishing to spend their crypto using the Revolut card have to open the Cards section in the retail app and pick one of existing cards, physical or virtual. Then they need to enter the card’s settings and switch the currency from fiat money to one of the close to 100 tokens they hold in the app. Once the crypto pocket is linked, a crypto-enabled card will process payments with instantly converted tokens. Customers can also order a separate card, virtual or physical, to use it only for crypto payments.
How to buy and sell cryptocurrencies in Revolut?
Revolut Ltd, a company established in the United Kingdom, offers a wide range of financial products through its financial superapp, and crypto is an increasingly popular feature. In August, the financial super app announced that its crypto portfolio reached 80+ tokens. With these 12 new additions, Revolut will increase the number of cryptocurrencies available to its customers by 9x times compared to the beginning of 2021.
There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market, or use the Recurring Buy feature to average out volatility. Customers can also roundup any spare change in a cryptocurrency of their choice.
As part of our goal to be the safest place to trade, use and learn about crypto, Revolut regularly communicates with customers that crypto tokens are volatile assets and prices can change quickly. Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages its customers to research the various cryptocurrencies and the risks and opportunities before buying or selling. Customers should review independent sources and learn the differences between tokens as well as considering their personal circumstances when buying or selling crypto. Cryptocurrencies are unregulated. Funds are not protected and their price is extremely volatile. Tax could be payable on gains.