Reuters
- Fintech bank Revolut is adding dogecoin to its crypto offering, the firm said on Tuesday.
- Revolut said this was a response to booming customer demand for the cryptocurrency.
- The meme cryptocurrency has soared in value and investor recognition this year.
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Revolut has added dogecoin to its offering to meet booming customer demand for the meme cryptocurrency, the fintech bank said on Tuesday.
"There just aren't enough dogs in the Revolut app…but we're about to change that. Much Dogecoin. Such wow. How Revolut? We're letting the DOGEs out!" the fintech bank tweeted alongside a dogecoin-inspired video on Tuesday.
Dogecoin is the 30th coin to be added to Revolut's crypto investment offering and was released as part of the firm's 'New Tokens Tuesday campaign', during which it adds a new token to its platform each Tuesday. The campaign began last week with the addition of eight Oracle and Network tokens including Polygon.
"One of the most popular user requests over the past couple of months has been to add Dogecoin and we have answered the call! We have just launched Dogecoin in-app. So now keen crypto customers and those new to the game can buy and sell this popular token." Edward Cooper, Revolut's head of crypto said in a statement.
The Revolut app offers banking and investing capabilities for individual and business clients. Its crypto services allow customers to buy, sell or send major cryptocurrencies like bitcoin, ether, bitcoin cash, ether and litecoin. People can use their cash balance on the app directly to buy crypto without having to use an exchange and new funds become available immediately.
Meme-cryptocurrency dogecoin has soared in value and investor recognition this year, as it has become increasingly popular on social media. Crypto investors have started to see it as a legitimate asset that has real-life applications rather than as the joke it started as.
Dogecoin is currently the sixth largest cryptocurrency by market capitalization, according to Coingecko data. It reached an all-time high of $0.731578 after a social media fueled rally in early May, but has since lost around 55% since hitting that point. Over the past week, dogecoin has lost over 11% as cryptocurrencies across the board have struggled, but it inched higher on Wednesday and was last up 0.4% in the 24 hours to 8:12 am E.T., trading at $0.331914.