Revolut App starts Dogecoin trading
Due to popular demand, the fintech company based in the UK added Dogecoin to its platform.
Revolut announced today that Dogecoin will be available to buy, sell and hold in its app, together with 29 other cryptocurrencies.
An app that offers a mobile banking service, Revolut is popularly known as a “challenger bank” in the UK. It is a term used for digital bank startups that is aiming to disrupt the big banks of old. The company today said that Dogecoin was a popular request among its users.
DOGE was invented as a joke but now it is very popular among many crypto traders. Last year, Dogecoin gained ample mainstream attention. It was helped by Tesla CEO Elon Musk and his habitual tweets about the meme crypto. In the previous year, its price went up by over 12,000% – mainly because of Musk’s tweets that pumped the coin. Now it is trading at $0.31.
Revolut permits its users to buy and sell crypto on its platform. In the past, it has only allowed customers to hold crypto on the app and nothing else. But now, users can withdraw their bitcoin to an external wallet.
The fintech company allowed crypto trading on its platform in 2017. Last year, it reported a 2.5x increase in crypto activity on its app over the previous year.
Demand for DOGE
The overflowing demand for Dogecoin doesn’t stop with Revolut. Coinbase pro announced the coin’s availability last week. Then, it was later made available on all Coinbase platforms – and the company launched a $1.2 million Dogecoin giveaway.
However, the “Coinbase Effect” on the crypto’s price has been short-lived. Its price has dropped since.
In spite of being started as a joke in 2013 by the developers who wanted to make fun at the altcoin market, Dogecoin now wants to be taken seriously as a payment. One of the cryptocurrency’s developers said that the team behind Dogecoin works to make it a cheaper, greener and faster alternative to Bitcoin.
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