Mobile finance app Revolut has launched a new feature allowing users to “auto-exchange” cash and cryptocurrencies.
The firm announced Tuesday that its over 4 million users can now automatically exchange, say, U.S. dollar (USD) to bitcoin (BTC) or ether (ETH) to XRP, based on a pre-set target rate. Fiat-to-fiat exchanges are also possible.
Once a target rate is set in the app – either above or below current rates – Revolut said the exchange will trigger once the target has been reached. It warns, though, that the achieved rate could be “slightly different” from the target due to exchange rate fluctuations.
“If the rate never hits your target, no currencies will be exchanged,” the firm said.
With the move, the app has effectively added the “trade trigger” feature available on more professional trading platforms, rather than offering simply a buying and selling service at the current market or platform rate.
“Auto-exchange is perfect for trying to get the best exchange rate ahead of your holiday or protecting yourself from market volatility,” Revolut added in an email to customers on Thursday.
The feature comes with some limitations, however. You can exchange only up to €10,000 ($11,198) per day to or from any cryptocurrency, the firm said. There is also a daily cap of 30 auto-exchange transactions.
Also, at times of high volatility, if the exchange rate moves more than 0.75 percent on either side of your target rate for fiat currencies, or more than 5 percent on either side of your target rate for cryptocurrencies, Revolut said it won’t carry out the exchange.
Revolut started offering cryptocurrency trading services in July 2017 with the addition of bitcoin initially. Later, in December 2017, the firm added litecoin and ether support and in May of last year it added XRP and bitcoin cash.
Last December, the firm received a banking license from the European Central Bank. Revolut said at the time that the license will ultimately allow it to offer users an account to manage all their finances from a single place through its upcoming venture Revolut Bank.
Japan financial group Nomura has invested in Y Combinator-backed smart contract auditing startup Quantstamp.
U.S.-based Quantstamp announced Wednesday that it is setting up a subsidiary in Japan following a “significant” investment from Nomura Holdings and Tokyo-listed internet group Digital Garage.
Chuzaburo Yagi, senior managing director in charge of innovations at Nomura Holdings, said:
“As blockchain technology is adopted in the financial world, smart contracts will play an increasingly important role. Security assurances through auditing and certification will become increasingly indispensable.”
Quantstamp’s new limited liability subsidiary in Japan aims to help the country’s startups and corporations in using “secure” blockchain technology. Smart contracts are self-executing pieces of code that can be implemented on blockchains to enforce specific sets of rules.
The market for smart contract-based applications is “strong” in Japan and will “only be growing,” said Quantstamp’s co-founder and CEO Richard Ma.
Founded in 2017, Quantstamp provides an automated tool for developers and users that helps “identify and secure vulnerabilities” in smart contracts, as well as auditing services for large-scale blockchain projects aimed to ensure security. It joined seed accelerator Y Combinator back in 2017.
Quantstamp said its services have so far been used to secure more than $500 million of transaction value.
Last May, Nomura partnered with cryptocurrency wallet startup Ledger and investment firm Global Advisors to explore building a digital asset custody solution.
While, in January 2018, Digital Garage subsidiary Crypto Garage announced that it is working with bitcoin infrastructure startup Blockstream to test the issuance of a Japanese yen-pegged stablecoin.
LedgerPrime, a digital asset investment firm led by former Wall Street whizzes, has closed on $12 million of institutional capital and secured commitments for another $8 million.
The proprietary trading firm, which began trading in the spot and derivatives markets for cryptocurrency in the fourth quarter of 2017, is owned by Ledger Holdings Inc., which is also the parent company of crypto futures platform LedgerX.
“The raise is reflective of LedgerPrime’s track record and success through the 2018 crypto
Based in New York, LedgerPrime specializes in quantitative trading strategies and is led by Tang, a former proprietary derivatives trader at global bank UBS, and CTO Johannes van Zeijts, a physics Ph.D. and former portfolio manager at Quantbot Technologies.
Other team members are former academics who have used machine learning and algorithmic strategies at financial institutions such as SAC Capital Advisors and Bank of America, LedgerPrime said.
Reflecting the unusual intersection of worlds LedgerPrime inhabits, bitcoin core developer Bryan Bishop and former JPMorgan dealmaker James Greenberg are advisors to the firm, according to its website.