British fintech startup Revolut records growth in crypto-related retail activity amid coronavirus restrictions.
The company analyzed data on the activity of 3 million UK customers using its service to buy and sell bitcoin, Bitcoin Cash, XRP, Ethereum and Litecoin. The country’s authorities introduced full-scale measures to contain the spread of the virus on March 23. In the second half of March, customers bought 58% fewer digital assets than in the previous period. Average weekly purchases dropped from £ 540 to £ 230.
The situation changed at the end of April, when users began to actively invest in bitcoin simultaneously with the growth of its rate. Within two weeks from April 20, the number of customers purchasing cryptocurrency increased by 68%. Average purchase volume per user increased by 57%, average trade size – by 63%.
Bitcoin remains the preferred cryptocurrency among Revolut clients, accounting for 51% of trading. It is followed by XRP, ETH, LTC and BCH with 20%, 14%, 8% and 8% respectively..
Customers between the ages of 55 and 64 tended to make the largest purchases at £ 345 per trade. For the 18-24 age group, the figure was 109 pounds. UK customer activity was one third higher than the European average.
Cryptocurrency sales also rose from April 20 to May 4. During this time, 38% more traders began to participate in sales, and the average amount of such transactions increased by 13%.
Last year, the UK Financial Conduct Authority (FCA) filed a complaint against Revolut after discovering that a system failure could lead to thousands of potentially illegal cryptocurrency transactions passing through the service. The company itself called the accusations unfounded.
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