As the price plummets, others are setting up for the future

in cryptocurrency •  last year

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:

https://revolut.com/

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 thoughts:

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!

Sources:

https://cointelegraph.com/news/uk-startup-by-former-banker-plans-expansion-into-digital-currency

Image Sources:

https://www.adamsmith.org/blog/cryptocurrency-is-interesting-again

https://revolut.com/about

http://www.dolcevita.xyz/society/money/item/823-goldman-backed-startup-circle-launches-no-fee-foreign-payments-service

Follow me: @jrcornel

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It will be difficult to lose the fee.
I hope it gets lower.

Game of Fear. Who dares wins.

Anybody who thinks this is a fad is delusional. As for the fee free situation... that is fantastic news. Would be great if they added some of the other smaller alt coins to the exchange too.

And yes... it is just a section of bumpy road... people panic way too quickly... but the 'media hype' doesnt really help that situation I suppose...

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LOL :D

Everybody have a nice day :)
(meme found at bitcointalk.org)

This is how millionaires are born.

totally agree with the 'hiccup" as you've described. I believe the crypto crash has a lot to do with panic sale as well, we need to HODL. Some of the less experienced crypto traders freak when price starts to go down.

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well.. it went down a lot in just a few days so the panic is understandable. Long term hodlers have experienced deeper dips though. for instance https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/#744d66d54039

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I agree too. It went up very quickly and there are some spooked investors out there!

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Yup, which is why if you have funds on the sidelines, or funds you intend to rebalance, it all just becomes a garage sale for buying discounted coins for those of us who are long on cryptos.

Nice, thanks for sharing!

Pretty much everything will operate on a blockchain in the future, the most transparent and open source platforms that largely benefit the users the most will be the entities that succeed.

Informative post, thank you!

It has been very interesting to see the rise and fall of bitcoins lately. As everything in life there is always risk, but I do think bitcoin will bounce back and then eventually go even higher... just a bit of a waiting game :) something for nothing does not exist! Thank you @jrcornel for posting this!

I invest in STEEM

Great post

good to know, thank you

Fantastic article! I agree....this ride is a long haul so let's all buckle up for a smooth cruise into the future!

Steemit Sequentialvibe Signature.PNG

Great post.

Someones loss is someones gain :(
I have set my buying at 1000 in case there is panic selling

It's going to be unstoppable, faster and cheaper to move your money than the banks fantastic. Good read thanks. Cheers mike

Fee free trading is amazing, thanks for sharing!

Aside from cryptos (which I love), I have a Revolut card, and I have to say it is excellent for exchanging cheap EUR-GBP-USD. Looking forward to the prospect of it including BTC

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I personally cannot wait for the world to peg all fiat against the BTC

An expanding number of cryptocurrency can only mean one thing for the future: growth. I thought that Circle stepped out of the cryptocurrency sphere some time ago (no more Bitcoin) but if they are back again, that's great. The entry into Bitcoin and similar tokens should be effortless and smooth if the promised solutions -fast/cheap/permissionless payments - are to reach the large public.

I totally agree with the point that since the arrival of bitcoins there has been a downfall in the market about crypto currency, I feel the bitcoin will come up if more people are aware about it. Upvoted.

Great post,Thank you

buy bitcoin

Anyone else see a pattern of: "Former Wall Street xxxxx" and the terms "Blockchain" and "Startup" elsewhere in articles in this space?

The grass is greener on the other side, indeed. :D

Yes definitely the virtual currency space will only continue to grow.
Can you imagine if there was an accurate way to truly wrap our heads around how many new net members the crypto currency world is gaining per day, month and year? What a chart that would be.
An excellent post as always, glad I caught it on my drive by visit today.

Awesome :D

Thanks for sharing!

I see this "hiccup" as an opportunity! Now's the time to buy... when the shy doesn't fall on Aug 1... Bitcoin, Ethereum Litecoin and the rest will start shooting back up and they'll take most of the other better known cryptos with them. I grabbed some Ripple yesterday, because it was cheap. Now's the time... wish I had about $10,000 to invest- I'd be a millionaire by the end of the year!

thank for sharing

great post man, thanks for sharing

Finally some confidence in the cryptomarket. I too think that this is just as u said,a hiccup. That guy who is buying is really smart. This drop will soon be over after August and cryptos will flourish again. To me this is a golden opportunity to buy, buy and buy. Thank you for sharing

Lemme tell ya: my biggest Bitcoin transaction was back in 2013. It was 55+ BTC and it was worth about $7.6K at the time of transmission. The majority of the funds weren't even mine, I was basically the escrow agent for it because I was very active and trusted in the Bitcoin and crypto community to do these kinds of things due to a history of helping to organize a bunch of group purchases of mining equipment and setting up mining pools without taking off with everyone's crypto (the Blockchain ledger came in handy to prove my honesty).

Even after all the beatings BTC has taken in the last few weeks, and after Mt. Gox, after hacks of other exchanges, with a background of community strife and uncertainty: that 2013 $7.6K transaction would've been $110-115K if it was just held by all the owners and if they ignored it until now.

For the portion of my cryptos that not being sold or used to buy something, those are the part of my crypto investments that did the best:*

So some of the best advice I can give based on years of investing and 4 years of mining, using, and buying cryptos is: be patient. Rome wasn't built in a day. My best crypto investments were blue chip or mid cap coins that I just left alone for several years.

Posted by an anonymous source on Jim Stone's website:
http://82.221.129.208/baaasepagez2.html

The other cryptocurrencies that are gaining prominence these days are designed to be a direct threat to Bitcoin. You see, Bitcoin's strength is that there is only a limited quantity of them that will ever exist. They can't be printed to infinity. However, if other cryptocurrencies take hold and over take Bitcoin in value or popularity it will be the death of Bitcoin (and all cryptocurrencies) since it will then become evident that although Bitcoin is limited as to quantity there is no limit to how many new cryptocurrencies can be created. Some people already know this (at least subconciously) but since Bitcoin has remained the dominant one by far the reality of it has not yet sunk in. If people are willing to just jump to the next fashionable cryptocurrency that comes along Bitcoin will become worthless. Who wants to miss the boat on the next big thing? Who wants to be stuck with something that is falling out of fashion? That's the real reason behind the big push on etherium and some others.

Great work

Cryptocurrency market has a brilliant future ahead the earlier they invest the better the future will be. All these strong signals only means one thing, grow and expansion of the market ahead. I agree with you @jrcornel

Good post best regards from me@abupasi.alachy

Well, it's the future and this seems to be a natural evolution. It is certainly an interesting time... let's just buckle up and enjoy the ride! :)

Thanks @jrcornel for the encouragement despite the price drop in Bitcoin, Steem etc along the way.
Upvote, Follow and Resteemed!
@lazarescu.irinel

nice information..thanks

Well, price are indeed plummeting but for wise investors this is the great opportunity to enter into the market and earn some hard cash. Crytpo markets has always been very volatile and because of that it always were the hot favorite for the investors. For now, it is falling but in near future, it will again rise and triumph. This is the best time to get in and earn a solid return on investment within few months. I hope and wish al the investors a great success.

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I stayed up til 6am waiting for that bottom. ETH dropped to $130 and BTC flash dropped from 1830 down to 1740-50 range... Was exciting amd nerve racking at the same time

thanks for sharing

Thanks for sharing :)

Opportunity comes few times this is one of those times. Need i say more?

Lower or no fees at all eventually will catch on. Just like it works for credit card offers and new car deals the low fees or rates will attract a new customer base.

This would definately expand the utilisation and acceptability of cryptocurrencies. Smart chap. So technically no more cap on currency transfers to be declared to regulators as you can "travel light", pass through customs & immigration, visit an office and liquidate or convert from your wallet to fiat & vice versa.
Cryptos are here to stay. I am in for the long haul

Good news! It turns out, that I was in Moscow can enjoy this card!=))

The economic "energy" has to go somewhere when the fiat fails, and some will harness the transfer of that energy, and some will be devastated by the transfer. Crypto, for all it's shortcomings, will still receive a lot of that energy.

I personally would never be interested in a JPMCoin or a Fedcoin, or Mastercoin, just on principle .... but if blockchain can make honest money out of fiat, I'm all for it.

Great info in the post. Thanks for sharing

great post!!!

This is perfect! I have a bitpay visa card, but I've been thinking I should get a mastercard as well, and fee free makes a happy me...haha, that was corny ;)

I hope at some point steem is included in this, so I don't have to always transfer it to bitcoin first. Also, I think it would increase the value.

Great article!

There is going to be plenty of banks and bankers offering traditional financial products with "blockchain in the background".

It is all corporate, permissioned​ and totally not going to be Bitcoin though.

I have this feeling u are a big person on bitcointalk. Check out my post here if u would and consider if u are interested in completing the comment :)

Ahh geez, so why do you all think having former employees from the most evil corporations on the planet, backed BY the most evil corporations on the planet is a good thing? JP morgan, Lehman Brothers, Goldman Saches....You all think these corporations are going to be good for the crypto market?? The point of cryptos was to move away from and remove the power of centralised financial control and everyone gets happy n excited because you might save a few cents on fees...LMAO ok well good luck.

These services look very interesting and may even change the way we bank and spend our money in the future!

I'm all for new technology and cutting the cost to the user

Nice blog post, keep up the good work!!! My first day on steemit, so much to discover! Greets Cryptoinvestinfo

Is the IMF making the SDR a blockchain currency to replace the dollar?

another bitcoin card? Why is it so speciall

thank you for sharing. upvote this man.

this is nice @jrcornel. thanks for sharing. I agree with that fact that the arrival of bitcoins let to a shake 'downfall' in the market about crypto currency. i have this believe that with more people knowing about bitcoin, its value will improve.

Foreign transaction fees are ripe for disruption. Great perspective on the story. Thanks for sharing @jrcornel

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hey, i found you! Do you still need some Steem Power?

No fee business models coming from people who grew up in the world of traditional finance? It's almost as if cryptocurrency incentivizes good behavior!

Sooner or later the bitcoin and other high end cryptos will rise back up in value. Buy and hold, buy and hold!

Nice post jrcornel 👌 you might be interested in some of my Cryptocurrency recommendations? Here is a link: https://steemit.com/cryptocurrency/@crypto-expo/keep-your-eyes-on-these-cryptocurrencies

Great post dude, would love your feedback on my coinclub piece showing our trade action in the last 7 days. Cheers!
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Thanks for the article. It is great to see the old school bankers are slowly but surely getting on the blockchain. This will help in getting cryptocurrencies mainstream.

I remain an optimist in the cryptocurrency space....

The whole idea of a crypto credit card still throws me for a loop. But I believe right now is a pivotal point in the landscape because alot of people still undervalue the market/technology

Nice post, thanks for sharing :)

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Who dares???