Former Revolut executives launch crypto app & increase report funding of $6.7M

London, United Kingdom, September sixteenth, 2024, Chainwire

Three former Revolut executives have launched Neverless, an app providing commission-free crypto buying and selling alongside an automatic passive funding account, which goals to revolutionise returns for its customers.

Neverless’ crew raised $6.7 million in one of many largest pre-seed funding rounds in European historical past. Since then, the corporate has registered in a number of European international locations as a VASP (Digital Asset Service Supplier).

“We’re going after all of the platforms that exploit their customers with charges.” Rita Riera, Director of Neverless Spain

Neverless permits customers to purchase and promote cryptocurrencies with zero deposit charges and nil buying and selling charges. The app is simple to make use of and lets customers deposit funds in Euros, a characteristic lately discontinued by a number of main platforms. Moreover by the app, some cryptocurrencies generate every day curiosity robotically.

‘Methods’: An Automated Funding AccountNeverless affords a market-neutral funding account known as Methods, which permits customers to speculate robotically and with stability. Though previous efficiency doesn’t assure future outcomes, Methods has a robust observe report, with a mean 12.81% annualised return up to now 90 days and a 11.89% common return during the last 12 months. Within the unstable world of cryptocurrencies, Methods goals to offer constant returns with out counting on market fluctuations.

“Different platforms have related merchandise, however none supply the potential return or flexibility when it comes to deposits and withdrawal as our ‘Methods’ account.” says Riera.

Neverless affords the identical potential returns to all customers, with no minimal deposit or lock-in intervals. There isn’t a want for a ‘premium’ account to entry these returns, a characteristic that units it aside from rivals who typically cost greater charges for premium tiers with higher returns.

The Know-how Behind ‘Methods’Neverless makes use of market-neutral automated methods. Whereas this expertise has been employed by giant personal funding funds, Neverless has made it accessible to the general public, with no minimal funding. As a substitute of predicting future costs, an algorithm scans the market in actual time to take advantage of inefficiencies, reminiscent of minor worth variations between exchanges. The Neverless algorithm buys cryptocurrencies on the cheaper alternate and sells them on the costlier one, cashing in on the distinction. This course of is executed thousands and thousands of occasions per second, producing steady returns with out publicity to market path.

Placing Neverless to the CheckTo confirm whether or not Neverless actually prices zero charges, merely conduct the identical transaction on one other alternate on the similar time.

In a single check, a consumer bought $10,000 price of on one other platform whereas doing the identical on Neverless. The outcome: the opposite platform ended up giving 1.49% much less Bitcoin.

From Revolut to NeverlessAfter serving to construct Revolut into a serious fintech participant, the founders of Neverless recognized key points in each the normal monetary system and the crypto house. Lack of transparency and excessive charges are frequent issues they sought to eradicate.

“Neverless was born out of non-public frustration. There wasn’t an app that was clear, user-friendly, and didn’t really feel like a rip-off with hidden charges. Because it didn’t exist, it simply needed to be made.” explains Riera.

A good portion of Neverless’ improvement crew additionally hail from Revolut and is liable for constructing the Methods algorithm, a product solely owned by Neverless.

Development and Future PlansIn just some months, Neverless has gained 1000’s of customers and surpassed $100 Million in transaction quantity. With its registration as a VASP and its focus in key markets like Spain, France, and Eire, the corporate has already established a robust foothold in Europe.

Now, Neverless is setting its sights on additional growth, aiming to deal with the remainder of Europe and Latin America subsequent.

Its speedy development and impressive plans spotlight a transparent dedication to not solely reshape the crypto panorama but additionally safe a number one place throughout international markets.

About Neverless

Neverless is the world’s solely crypto platform that permits to purchase & promote crypto fully fee-free and provides entry to automated hedge fund funding instruments that purpose to offer excessive, steady returns. Based by former Revolut executives, it raised a report $6.7m pre-seed spherical and already holds Digital Asset Service Supplier (VASP) registrations in a number of EU international locations.

ContactDirector of Neverless SpainRita Riera PastalleNeverlessrita@neverless.com

This text was initially revealed on Chainwire