With Neverless, former Revolut executives want to make it easier to buy meme coins

There is an ocean of meme coins behind Dogecoinand a new beginning was called Never wants to make it easy to start trading cryptocurrencies with a special focus on providing access to small volumes of tokens. It’s an exciting new crypto startup founded by three former executives from London-based fintech juggernaut Revolut.

Phuc To He was the global head of product for Revolut and was responsible for the company’s crypto project in 2021. Mikael Peydayesh He was head of core payments at Revolut and later became head of rewards plans and Arthur Johannet Before leading Revolut’s cryptocurrency department, he was the head of card payments for a while.

While cryptocurrency exchanges have greatly simplified the onboarding experience for new users over the years, the three believed it could still be improved, so they teamed up to create a new app that makes cryptocurrencies more accessible.

Neverless allows you to buy more than 400 cryptocurrencies from the app using Apple Pay or Google Pay. In addition to the most common cryptocurrencies, the startup has chosen to offer access to meme coins and relatively rare coins with low trading volume.

Buying these small-sized tokens can be difficult, as you usually need to find a cryptocurrency that lists them. Alternatively, you can exchange tokens on a decentralized exchange, which can be complicated if you don’t understand how decentralized applications (dApps) work.

Additionally, there are some caveats when trying to buy tokens with low trading volume. Prices can vary from one trading venue to another, and there can be a big difference between buying and selling prices. Neverless says it can seamlessly route trades to the right trading platform to get its users the best prices.

Another problem that regular people have with crypto trading products is the fees. While tech-savvy people often look at the fine print before buying cryptocurrencies and are willing to create another account, large exchanges use their reputation to charge higher fees if you want to buy and sell cryptocurrencies immediately without creating a market. order.

Neverless charges no fees to buy and sell cryptocurrencies using bank transfers, blockchain transfers, Apple Pay and Google Pay. The startup charges a 1% fee for transactions over $1,000 with Apple Pay or Google Pay. Of course, things may change in the future as Neverless becomes more popular.

So how does a startup make money right now? In some cryptocurrencies (BTC, ETH, DOGE, SOL, XRP and AVAX), Neverless generates interest that is transferred to users. The company also offers automated trading strategies revolves around high-frequency arbitrage and marketing. It can never take a share of the revenue generated from these revenue generating products.

The company has secured a MiFID license, which means it is a regulated financial firm in Europe. It will have to comply with the Markets in Crypto Assets (MiCA) regulation when it comes into effect in the coming weeks.

Earlier this year, the startup raised $6.7 million in a seed round led by Lakestar and Connect Ventures. Nordstar, Chad West, Dan Westgarth, Eamon Jubbawy, Xiao-Xiao and David Chreng also invested in the round.