Former Banker has secured millions in funding to expand startup aimed at converting fiat into digital currencies.
Nikolay Storonsky is a former Credit Suisse and Lehman Brothers trader and has secured $66 million to expand the reach of his startup "Revolut".
This wouldn't mark the first time a former wall street banker left the more traditional space to deal in digital currencies...
Blythe Masters, formerly from JP Morgan and Anthony Jenkins, the former CEO of Barclays, have also made the leap.
Plans to include digital currencies?
Revolut is targeted at travelers using different currencies. The main benefit is getting around the hidden conversion fees. It offers a cost saving alternative to other more traditional measures.
The website can be seen here:
The current business model is working quite well, but they are looking to add virtual currencies to the platform.
According to Storonsky:
"As early as next week, Revolut plans to let customers hold, exchange, spend and transfer virtual currencies such as Bitcoin, Litecoin, and Ethereum for free. Profiting from the price difference between buyers and sellers as opposed to charging commissions."
As early as next week customers can trade virtual currencies fee free, sweet!
According to Storonsky, Revolut already has over 80,000 users since it's launch in 2015 and he expects the latest virtual currency additions to only increase those numbers.
Currently over 140 employees work for Revolut in London, Krakow, and Moscow. Storonsky plans to open branches in New York and Singapore.
Revolut isn't the only one...
Currently Goldman Sachs "Circle" offers a similar product.
It offers customers the benefits of peer to peer money transfers between U.S dollars, Pound Sterling, Euros etc. all from a mobile phone.
There are no fees or foreign exchange mark ups.
It runs on the Ethereum blockchain.
My biggest take away is that the virtual currency space is expanding. For those thinking this is just a fad, think again...
It is also nice to see that Revolut is offering virtual currency trading fee free.
That is big.
I am not sure if that is something the other exchanges might migrate to, but it sure would be nice if they did. If an exchange can set up a site that runs well while also charging no fees, I would expect them to take a ton of the market.
Hopefully as these types of things pop up the fees start dropping across the board and eventually get to the low low price of "free". :)
The price drop in Bitcoin, Ether, Steem etc... isn't the end, it just a hiccup along the way.
Stay informed my friends!
Follow me: @jrcornel