Due to popular demand, the UK-based fintech firm has incorporated the cryptocurrency on its platform.
Revolut, a London-based financial business, said today that Dogecoin, along with 29 other cryptocurrencies, will be available to purchase, sell, and retain within its app.
In the United Kingdom, Revolut, which offers mobile banking, is known as a “challenger bank,” a term for digital bank startups that aim to disrupt traditional banks. Dogecoin, the sixth largest cryptocurrency with a market worth of nearly $40 billion, was a popular request among the firm’s users, the business announced today.
Although the coin was created as a joke, it has grown in popularity among cryptocurrency traders. Dogecoin has acquired a lot of popular attention in the previous year, thanks to Tesla CEO Elon Musk’s frequent tweets on the cryptocurrency. Its value has increased by over 12,000 percent in the last year, thanks in part to Musk’s tweets. According to CoinGecko, it was trading at $0.31 today.
“We have just introduced Dogecoin in-app,” Revolut’s head of crypto, Ed Cooper, said in a statement. As a result, both experienced crypto traders and newcomers can now buy and sell this popular token.”
Revolut’s platform allows users to buy and trade cryptocurrency. Customers could previously only retain crypto on the app and not withdraw it, but now they may withdraw Bitcoin to an external wallet.
In 2017, the company permitted crypto trading on its platform, and last year it claimed a 2.5X increase in crypto activity on its app compared to the year before.
Dogecoin’s popularity isn’t limited to Revolut. The coin’s availability was confirmed last week by Coinbase Pro, the exchange’s “professional” trading platform. Later, it was made available across all Coinbase platforms, and the exchange launched a $1.2 million Dogecoin giveaway.
However, the “Coinbase Effect” on the cryptocurrency’s price was only temporary. Since then, the price has dropped.
Despite its beginnings as a joke in 2013 by developers looking to mock the altcoin market, Dogecoin now wants to be taken seriously as a payment method: one of the asset’s top developers told us last month that the team behind Dogecoin is working to make it a cheaper, greener, and faster alternative to Bitcoin.