Revolut, a mobile finance and payment application based in the U.K., has launched a service that makes it possible for its clients to “auto-exchange” fiat and digital currencies on its platform.
The new feature is intended to make it possible for users to protect themselves against volatilities in the crypto market. Per a company blog post, Revolut users can automatically exchange “fiat currencies, such as the US dollar (USD) to ether (ETH) or bitcoin (BTC), to XRP,” and vice versa, based on a predetermined target rate.
Customers can set it up in simple steps. At the Rates page in the app, you’ll select the currencies, and then define the target price you want to exchange them for. The app takes it up from there.
As soon as the current exchange rates match the target, the app will make the exchange automatically. If the prevailing exchange rate doesn’t hit the target price, however, there won’t be a conversion.
However, Revolut also warned of one caveat: Due to the probability of high exchange rate fluctuations, it…