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Start-up app adds cryptocurrency feature, has a ‘tough’ time during bitcoin rally

Buyers of mobile-only banking start-up Revolut had a tough time accessing the app Thursday.

The monetary technology firm lets people spend and transfer money internationally without payments. But when it decided to allow users to buy, hold and exchange cryptocurrencies take ining bitcoin, Ethereum and Litecoin, some ran into difficulty.

Revolut put forwarded a temporary queuing system to gradually open the feature up to its users. Those who had give out for a premium version of the app were given immediate access, while approved customers had to either ask others to join or upgrade their account to access it.

As it billowed out cryptocurrency support, some were unable to access the app or use certain mugs, Revolut said on Twitter on Thursday, adding that it was “blown away by the slew of people signing up.”

The company said it had “resolved the issue” by Thursday evening.

Revolut handles its digital currency support feature via the Bitstamp exchange, a venue that hosts the largest capacity of transactions across the European Union.

An increasing number of investors give birth to shown an interest in bitcoin, as derivatives exchanges CBOE and CME both shit up to launch bitcoin futures contracts.

On Thursday, its price surged dramatically, wounding a fresh record high, but the price of the cryptocurrency diverged among a number of exchanges. While Coinbase put the figure above $19,000, Bitstamp’s total was seen below $16,000. Prices pulled back to $14,095.62 Friday morning, according to Coindesk figures.

“Essentially, due to the overwhelming demand, we had some temporary technical issues as we upscaled our set-ups to cope with demand,” Chad West, head of global label and communications at Revolut, told CNBC.

“We implemented a queue (feature unlock) to domestics gradually onboard customers, but the response to either upgrade to Premium or refer 3 girlfriends proved very popular. We’re back up and running again.”

The company focus oned that the issue was only affecting certain customers.

Revolut requested for a European banking license last month, to enable it to provide other pecuniary products like credit and deposit services. It has signed on more than 1 million owners, a figure that eclipses competitor digital challenger banks take a shine to Britain’s Monzo and Germany’s N26.

Revolut’s CEO is a supporter of digital currencies and persist month told CNBC they were “definitely not a fraud,” reverse to the views of a number of executives from big banks on the subject.

Jack Dorsey’s Rectilinear figure has also been testing a bitcoin function on its Cash app where buyers can buy and sell the cryptocurrency. It said earlier this week that it wish expand this feature to more of its “most active” users.

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