On July 27, CoinDesk reported that Revolut, one of the leading global banking applications, announced the addition of Stellar Lumens to its platform in an official press statement.
According to the statement, the addition was made in response to the overwhelming demand from users, making XML the sixth major cryptocurrency to be supported on Revolut, along with Bitcoin, Ether, Ripple, Litecoin, and Bitcoin Cash.
Revolut initially became popular among customers with the unique flexibility that it provides in terms of financial transacting and control over funds. Its payment card allows for fast international money transfers without any hidden fees, positioning it as an alternative to traditional banking products.
In an email sent to customers last month, Revolut said that, starting July 27, all users will gain legal control over their cryptocurrencies. Although the company is ceding its status of ownership over the digital assets, clients will still be unable to transfer funds outside of the platform.
With this, crypto card payments will no longer be available for users. Moreover, the company will cease any activities connected to exchanging crypto for fiat on its customers’ behalf. These changes are said to empower Revolut to expand its functionality and introduce more crypto features to the application.
With their new updated policy, Revolut provides users with even more freedom over their assets, continuing to develop their financial services and allowing for more international clients to join the ecosystem.
“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 crypto product,” said Ed Cooper, Head of Crypto at Revolut.
With more than 2 million customers worldwide, global demand for Revolut’s services has led to the integration of some of the most popular cryptocurrencies. Earlier this month, the company announced that customers in all U.S. states (except Tennessee) could buy, sell or hold Bitcoin and Ether. Since then the company has broadened its list of digital assets, partnering with various blockchain organizations to expand the reach of their platform.