Revolut today announced the addition of Stellar Lumens (XLM) to its growing list of supported cryptocurrencies.
The fintech company, which has over 12 million customers worldwide, now offers six different cryptocurrencies on its platform including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP and now Stellar Lumens.
Revolut explained that it is working to add more tokens to the cryptocurrency platform in the coming months.
How cryptocurrencies work on Revolut
Revolut launched the cryptocurrency functionality in December 2017 with the aim of offering these assets in a simple way to a mainstream audience. Since then, this feature has become one of the most used by Revolut users.
Revolut customers can exchange up to 30 fiat currencies in the six supported cryptocurrencies, which can be held and sold directly in the app.
Revolut also allows you to set price alerts so that you are alerted as soon as a specific cryptocurrency reaches a certain value.
The addition of XLM comes from the high demand from the Revolut community and the excellent references from the Stellar team. Stellar is an open source network for currencies and payments that makes it possible to create, send and exchange all types of currencies digitally.
Stellar Lumens is one of the top 15 cryptocurrencies in the world, with a total market capitalization of over $1.2 billion.
The development of Stellar technology is led and supported by the Stellar Development Foundation, a non-profit organization based in the USA. The Foundation supports the development of the ecosystem and acts as a speaking partner to regulators and institutions.
The Foundation has no shareholders, so it is dedicated to Stellar’s success as a neutral network.
Ed Cooper, Head of Crypto at Revolut, said:
“Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our cryptocurrency product. We are aware of other very popular crypto-community requests and we are excited to work to make them possible”.