Former Revolut exec launches cryptocurrency app and raises record $6.7 million in investment

[PRESS RELEASE – London, United Kingdom, September 16th, 2024]

Three former Revolut executives have launched never endingan software product Commission-free cryptocurrency trading beside Automatic Passive Investment Accountdesigned to revolutionize person returns.

The crew at Neverless raised $6.7 million in one of many largest pre-seed funding rounds in European historical past. The corporate has since registered as a VASP (Digital Asset Service Supplier) in a number of European nations.

“We’re pursuing all platforms that exploit customers by charging charges.” Rita Riera, Director of Neverless Spain

Neverless permits customers to purchase and promote cryptocurrencies within the following methods Zero deposit fees and zero transaction fees. The app is straightforward to make use of and permits customers to deposit funds in euros, a function that has not too long ago been discontinued by a number of main platforms. Moreover, by the app, some cryptocurrencies routinely accrue day by day curiosity.

“Strategy”: Automated funding account

Neverless gives a market-neutral funding account known as Methods that permits customers to speculate routinely and stably. Whereas previous efficiency isn’t any assure of future efficiency, Methods has a robust monitor file, with a median annualized return of 12.81% over the previous 90 days and a median return of 11.89% over the previous 12 months. Within the unstable world of cryptocurrencies, methods are designed to offer secure returns with out counting on market fluctuations.

“Different platforms have comparable merchandise, however none supply the potential returns or flexibility in deposits and withdrawals that our ‘Technique’ accounts do.” Riera stated.

Neverless gives the identical potential returns to all customers, with no minimal deposit or lock-in interval. You do not want a “Premium” account to get these rewards, a function that units it other than rivals, which regularly cost increased charges for premium accounts with higher rewards.

The expertise behind “technique”

Neverless makes use of market-neutral automated methods. Whereas the expertise is already utilized by giant personal funding funds, Neverless has made it obtainable to the skin world with no minimal funding. Slightly than predicting future costs, algorithms scan the market on the fly to use inefficiencies, akin to tiny value variations between exchanges. The Neverless algorithm buys cryptocurrencies on cheaper exchanges after which sells them on dearer exchanges, benefiting from the distinction. This course of is executed hundreds of thousands of instances per second, producing secure returns with out being affected by market path.

TestNeverless

To confirm that Neverless actually expenses zero charges, merely conduct the identical commerce on one other trade on the identical time.

In a single take a look at, a person bought $10,000 value of Bitcoin on one other platform whereas performing the identical operation on Neverless. End result: One other platform ended up with 1.49% much less Bitcoin.

From revolution to endless

After serving to Revolut change into a significant fintech firm, the founders of Neverless recognized key points within the conventional monetary system and the cryptocurrency area. Lack of transparency and excessive charges are frequent issues they attempt to remove.

“Neverless was born out of non-public frustration. There was no app that was clear, user-friendly, and didn’t really feel like a hidden-fee rip-off. Because it didn’t exist, it needed to be made. Riera defined.

A big portion of the Neverless improvement crew additionally comes from Revolut and is chargeable for constructing the Methods algorithm, a product completely owned by Neverless.

Progress and future plans

In just some months, Neverless gained hundreds of customers and over $100 million in transactions. The corporate has established a robust foothold in Europe by registering as a VASP and specializing in key markets akin to Spain, France and Eire.

Now, Neverless is eyeing additional enlargement, with its subsequent steps concentrating on the remainder of Europe and Latin America.

Its fast progress and impressive plans underline its clear willpower not solely to reshape the cryptocurrency panorama but in addition to safe a number one place within the international market.

About Neverless

never ending is the one cryptocurrency platform on this planet that permits shopping for and promoting cryptocurrencies fully freed from cost and gives automated hedge fund funding instruments designed to ship excessive and secure returns. The corporate, based by former Revolut executives, raised a file $6.7 million in a pre-seed spherical and has digital asset service supplier (VASP) registrations in a number of EU nations.