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Revolut app sees 68% increase in cryptocurrency retailers

May 28, 2020

Data from the UK financial application Revolut show this The quarantine caused by the corona virus has affected the business habits of its users.

Almost a third of Revolut’s 10 million customers traded in app crypto, which is aimed at informal traders and retailers for cryptocurrencies.

Since quarantine restrictions were introduced in March, The average size of cryptocurrency purchases from customers in the UK declined by 58%from approximately USD 663 to USD 281.

British traders regained confidence in April

Revolut app sees 68% increase in cryptocurrency retailersRevolut app sees 68% increase in cryptocurrency retailers

However, Confidence in cryptocurrencies rebounded sharply in late Apriland the average amount purchased by users rose 57%.

The number of app users who exchanged crypto assets increased by 68%.

The average value of each trade also fell 52% in Marchfollowed by a 63% increase next month.

Revolut reports that Sales activity also increased from April 20 to May 4with a 38% increase in the number of users sold and a 13% increase in the average size of customer orders.

XRP exceeds the ETH volume

Bitcoin (BTC) was the most popular crypto asset in March and April, consisting of 51% of all transactions in Revolut.

Ripple (XRP) took second place Represent 20% of exchanges, followed by Ethereum (ETH) 14%, while Litecoin (LTC) and Bitcoin Cash (BCH) each took 8%.

Revolut also found a strong correlation between the age of a user and the sum of the cryptocurrencies they bought.;; 55- to 64-year-olds average $ 423 per trade, while 18- to 24-year-olds average almost $ 134 per transaction.

Business in the UK was about a third stronger than European volume.

US retailers push record trading ahead in March

Random retail user data is in contrast to the record volumes reported by CryptoCompare the spot and derivatives markets of the main cryptocurrency exchanges in March, indicating rapid business activity between professionals and institutions.

Coinbase also reported record trading on its retail platform in March.