Revolut adds 11 new crypto tokens
Product & feature · 15 April 2021
- Revolut extends its offering from 10 to 21 crypto tokens
- Revolut reminds customers to research and learn about crypto before investing
Revolut, the financial superapp with 15 million customers worldwide, is increasing the list of crypto tokens available to buy, hold and sell within the app from 10 to 21. Revolut decided to add a selection of new crypto tokens based on an analysis by its crypto team and following enquiries and requests from customers.
The 11 new crypto tokens are: Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph.
Revolut reminds its customers in its communications that crypto tokens are volatile assets and prices may change fast. While Revolut believes in widening access to crypto, it may not be appropriate for everyone, so the company encourages its customers to research the various cryptocurrencies, risks and opportunities before buying or selling. Customers should review independent sources and learn the differences are between tokens as well as considering their personal circumstances when buying or selling crypto. As usual with trading, capital is at risk.
"We are proud to extend the list of crypto available in our app with 11 more! During the selection process we took into account suggestions coming directly from our customers. It’s clear that 2021 will be the year of crypto!" - said Edward Cooper, Head of Crypto, Revolut
Revolut provided the following information about the new crypto tokens in its latest blogpost.
BNT is an Ethereum token powering the Bancor Protocol. The protocol aims to allow crypto assets that would have been traditionally difficult to trade due to low liquidity to be exchanged directly on-chain. Bancor does this by enabling automatic price determination and an autonomous liquidity mechanism for tokens on smart contract blockchains. Read more on their website.
ADA is the token which powers the Cardano blockchain. It relies on a proof-of-stake consensus model called Ouroboros. Cardano validates blockchain transactions without high energy costs. Read more on their website.
FIL is the native protocol token of the Filecoin network. Filecoin is a decentralised storage network which aims to let anyone host, store, or receive digital information. It turns cloud storage into a market and allows users to sell their excess storage on an open platform. Read more on their website.
LRC is an Ethereum token supporting the Loopring protocol. The protocol is a collection of Ethereum smart contracts which describe how to build highly-secure, highly-scalable orderbook-based decentralised exchanges, automated market makers, and payment apps. The goal of Loopring is to promote decentralisation and reduce user reliance on traditionally centralised services such as exchanges and help enable global liquid markets. Read more on their website.
Numeraire is an Ethereum token. Numerai is a crowd-sourced, AI-run investment firm which allows the public to submit machine learning models to predict stock prices. These crowd-sourced models are ranked weekly in what Numerai calls “the hardest data science tournament on the planet”. Winners are rewarded with NMR, an Ethereum token. Read more on their website.
OXT is an Ethereum token which powers the Orchid network. Orchid focuses on enabling a decentralised virtual private network (VPN). Users who want to use the network to maintain their privacy whilst using the internet can use OXT to buy bandwidth from sellers listed on a provider directory stored on an Ethereum smart contract. Read more on their website.
Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralised by the Synthetix Network Token, SNX. SNX is an Ethereum token which enables the issuance of synthetic assets known as Synths. Synths allow real-world currencies, commodities, stocks, and indices to be represented directly on the blockchain. Read more on their website.
GRT is the Ethereum token that powers the Graph Network. It’s an indexing protocol for querying which aims to allow users to efficiently query blockchain data without relying on a centralised service provider. Similar to how Google indexes the web, The Graph indexes blockchain data. Read more on their website.
UMA is a financial contracts platform and Ethereum token built to enable Universal Market Access on Ethereum. The platform focuses on "priceless" financial contract templates - contracts that don't require an on-chain price feed to function. They can be used to create synthetic tokens and Data Verification Mechanism (DVM), an optimistic oracle service. Together, these two technologies enable the creation of fast, efficient, and secure synthetic derivatives on the Ethereum blockchain. Read more on their website.
UNI is an Ethereum token that powers Uniswap, an exchange that allows users to easily trade different Ethereum assets in a decentralised manner. It uses an automated market making system rather than a traditional order book. Read more on their website.
Yearn FinanceYFI is an Ethereum token that governs the Yearn Finance platform. Yearn Finance are a suite of products that provide lending aggregation, yield generation, and insurance on the Ethereum blockchain. The protocol is maintained by various independent developers and is governed by YFI holders. Read more on their website.
*Cryptoassets are volatile and not regulated or protected by investor compensation schemes – value can go down or up. Trading may be subject to tax. Fees payable.
*All information given in this article were valid as of 15.04.2021 and due to business dynamics were likely to change since then.
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