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With over 15 million users worldwide, Revolut has become one of the biggest fintech companies. The UK-based firm recently increased its offer from 10 to 21 cryptocurrencies, making it easier for customers to buy, hold and exchange digital assets. The 11 new crypto tokens are Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.
The increase in the number of cryptocurrencies supported by Revolut is a sign that the company is serious about its commitment to the crypto space. It signals that they are willing to invest in new technologies and provide their customers with more choices and, consequently, better service. This move is also positive news for the crypto industry as it gives legitimacy to digital assets and helps to boost faith in the sector, which has been
struggling in recent months. Sequel to the announcement, the company urged users to do their research before investing in any cryptocurrency. They also warned of the volatile nature of the market and advised customers only to invest what they can afford to lose.
What are cryptocurrency apps?
Cryptocurrency apps are software that allow you to buy, sell, or hold digital assets such as Bitcoin, Ethereum, Litecoin, and other tokens. They can also be used to exchange one cryptocurrency for another, making them a versatile tool for investors and traders. Some offer other features such as interest-bearing accounts, crypto lending, and staking (earning rewards for holding onto certain cryptocurrencies). Most crypto apps work in a similar way to online banking apps. You create an account, verify your identity, and then you can begin buying, selling, or exchanging cryptocurrencies. Users can purchase crypto using fiat currency (e.g., USD, EUR, GBP) or with another cryptocurrency.
There are many different crypto apps available on the market, each with its own unique features and offerings. For example, Coinbase and Binance are two of the most popular cryptocurrency exchanges offering great apps. They allow users to buy and sell cryptocurrencies, as well as store them in a wallet on the platform. Another app example is Revolut. Revolut is a fintech company that provides payment solutions and allows users access to financial instruments like stocks and crypto. There are different types of crypto trading platforms available, so it’s essential to choose one that suits your needs.
Centralized Vs. Decentralized Apps
Centralized crypto apps are operated by a single company, which controls the platform and the traded assets. These platforms are considered to be riskier as they are vulnerable to hacks and scams targeted at the central authority governing them.
Apart from using traditional apps to buy crypto, traders can use decentralized apps such as PancakeSwap, UniSwap, and many more which are built directly on the blockchain. This allows for transparent and secure transactions and provides a layer of security.
Is it safe and should you buy crypto with an app?
Yes, it is safe to buy crypto with an app if it is regulated by the appropriate agencies and has a good reputation. In general, it shouldn’t be much different to buying crypto on an exchange. However, you should always do your research before using unverified apps and tools as well as before investing in any crypto due to the volatile nature of cryptocurrencies.
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