DOGE, SHIB, SOL, and AVAX are among the 29 tokens added by London-based fintech startup Neobank Revolut as part of its crypto expansion plans in the highly competitive US market dominated by industry heavyweights such as Coinbase, Binance, etc.
The press release stated that the latest move to increase the bank’s portfolio was possible, thanks to its partnership with digital asset service provider Apex Crypto.
“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto said in a statement. Trading is commission-free up to $200,000 a month, he added.
The New York department of financial services has not yet approved all of the tokens, the announcement also revealed.
On its platform, Revolut enables users to purchase and trade cryptocurrencies. Customers could previously only keep cryptocurrency within the app; however, they can now withdraw Bitcoin to an external wallet.
Revolut is also referred to as a “challenger bank,” a term for new digital banks with the mission to challenge the major banks.
However, the firm reportedly came under the scanner of UK financial regulators who have noted some discrepancies in the auditing report.
According to a Financial Reporting Council report from July, the audit of an unnamed “financial services provider” by accountancy firm BDO was found to be insufficient and to have a risk of an undetected material misstatement.
The report came after Storonsky complained in a recent interview about how long regulators are taking to review its application for a banking license.
That said, the popular meme coin Dogecoin has now emerged as the second biggest PoW coin.
DOGE 2nd Largest PoW Token After The ETH Merge
Dogecoin is now the second-largest proof-of-work cryptocurrency in terms of market value following the transition of the Ethereum network to the proof-of-stake protocol on September 15, TronWeekly reported.
The widely used meme coin is way ahead of the third-ranked PoW cryptocurrency Ethereum Classic [ETC] with a market cap of $4.69 billion, as well as Litecoin [LTC], having a market cap of $4 billion.
In addition to that, the asset made a comeback to the top 10 after surpassing Polkadot [DOT], according to CoinMarketCap data. The token is currently valued at $7.9 billion.