Bitcoin ‘Definitely Not a Fraud’: Fintech Startup Revolut business executive

Mainstream banking giants like JPMorgan and UBS could be skeptical of bitcoin, however fintech startups like sq. and Revolut square measure grasp it as a logical outgrowth of the digital revolution.

“Real-world usage for gold is kind of restricted. however still there's an enormous market, large volumes that square measure being listed within the market, and these volumes confirm the gold worth,” he said.

Similarly, bitcoin may not be used for everyday transactions — a minimum of straight away — and also the bulk of its volume could also be speculation-driven, however most commodities square measure constant method.

“The question, ‘Where is that the real gold price?’ nobody is aware of. It’s constant with bitcoin. Volumes square measure increasing, the value is popping up, there's no implication of bitcoin within the world, it’s quite restricted,” Storonsky aforementioned, connecting bitcoin’s volatility thereto of alternative commodities. “If you check out the oil market, ninety p.c of volume is theory, ten p.c is real use case.”

As CCN has reported , Revolut — AN app-based banking various — crowdfunded quite $22 million earlier this year. The startup plans to integrate cryptocurrency transactions into its mobile platform, sanctionative its users to shop for, sell, hold, and transfer high coins as well as bitcoin, ethereum, and litecoin directly from the Revolut app. At present, the app has quite one million users, and also the company says it's adding or so three,500 new accounts per day.

Revolut isn't the sole mobile money services app to explore desegregation cryptocurrency practicality. sq. money recently began a bitcoin pilot program that permits a restricted variety of users to shop for and sell the foremost outstanding cryptocurrency from inside the app. Even Credit Schweiz — a firm not noted for grasp cryptocurrency — explicit that the move “confers legitimacy” on bitcoin and will prompt adoption by PayPal and alternative thought suppliers