The British Fintech company Revolut is apparently working at full speed on its own trading platform. CEO Nikolay Storonsky confirmed this to the news channel CNBC at the end of last week. The name of the new trading software is to be “Wealth”, and is to refrain from fees and commissions as far as possible.
On the same day, the financial services provider published new user figures. More than two million customers are now served by Revolut. This would be a doubling of the users within only half a year. In addition, the service is now also available in Russia and efforts are being made to obtain an official banking license in the USA.
Wealth to enable trading via Revolut
Wealth should be a counterpart to previous trading platforms, which were often characterized by “high fees and cumbersome user interfaces,” as Storonsky told CNBC. For Revolut, which sees itself as an alternative to traditional banks, its own trading software is a further step towards becoming a trading provider. The functions are to resemble those of a broker and concentrate predominantly on the commission-free trade of British and American shares, Forex values and options.
Already in January Revolut published an own offer for the purchase, sales and administration of various crypto currencies, like Bitcoin, Ethereum and further digital coins. This e-wallet expanded the existing portfolio of prepaid credit cards, currency exchange and peer-to-peer payments. But before you can enter into regular trading through the Fintech company, you have to be patient. The platform is currently still in the development phase and will probably not be available to Revolut customers until next year.