Revolut recently added eleven more crypto tokens to its platform for its UK and European customers.
Revolut is a British digital banking service that provides a range of services from savings to investments to spend. It is kind of a crypto app like Coinbase in the UK and parts of Europe.
The eleven new cryptocurrencies added by the service provider are Cardono(ADA), Synthetix, Uniswap, Yearn.finance, Loopring, the Graph, Orchid, Numeraire. UMA, Bancor and Filecoin.
The cryptocurrencies available on Revolut are similar to those on Coinbase so there is a likelihood that Revolut is following Coinbase’s lead.
Previously in December Revolut had offered its support to four news digital currencies that included eos and tezos (XTZ).
Back in 2017 when Revolut started offering services related to crypto trading it initially offered Bitcoin. However, later on, the same year it added Litecoin and Ethereum.
Revolut has more than 15 million users all over the world. Just in 2020, it has extended its services to Australia and 49 states of the US. Currently holding an EU banking license, the firm has recently applied for licenses in the US and the UK to expand its reach.
Out of the eleven cryptocurrencies, Cardano has gained quite a popularity over time. While the digital token is not that big in the US, it is quite popular in other parts of the world.
Cardano was introduced in 2015 and took the internet space when it jumped from 2¢ in 2017 to nearly $1.3 in 2018. Cardano is a blockchain, while ADA is a cryptocurrency that lives on the Cardano blockchain. In other words, Cardano is home to the ADA cryptocurrency. While the Cardio blockchain can be used to send and receive ADA it also hosts smart contracts and applications. This essentially resembles what Ethereum does and in fact, Cardano shares many of its roots with Ethereum. But although it is similar to Ethereum, Cardano’s smart contract platform operates much differently.
It’s not enough to simply say that ADA lives on the Cardano blockchain. ADA is a proof-of-stake coin that fuels Cardano. Its purpose is to provide a quick and secure transfer of value and to allow users to operate smart contracts and applications.
There is a lot of development going on in the Cardano network and a lot of work going on to get smart contracts deployed this year. They are also doing Plutus Pioneer Program which is going to be people testing the platform in anticipation for Goguen. Goguen is the smart contract layer of the Cardano which might be seen by the end of this year. The total number of ADA that is actually being staked is very firm at over 71%.
Cardano has grown a lot over few years and has made it to one of the biggest cryptocurrencies by market cap this year. Revolut’s announcement of adding Cardano (ADA) to its platform is going to add to the value of the token and the platform alike.