Cryptocurrencies
Current Banking App Adds Cryptocurrency Trading
It wasn’t that long ago that buying and selling cryptocurrencies required consumers to navigate a number of unfamiliar platforms and systems. However, that has long since changed with the advent of Coinbase and, later, the integration of crypto trading into other popular FinTech offerings. The latest example of the latter comes from Current, which will now allow customers to buy and sell select cryptocurrency assets.
This week, Current debuted its new crypto platform powered by Zero Hash. At this time, Current will support trading of 27 different assets, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, Polygon, Solana, and more. Users can purchase any of these coins using their existing Current balance.
Additionally, these assets can then be sold via the platform, with the proceeds then being added back to customers’ cash balances and available for spending. However, transfers to or from external wallets are not currently available. Current notes that these crypto transactions come with no trading fees.
In a blog post promoting the update, Current wrote, “Money is changing. What it looks like, how it works, the way we use it. And at Current, we want to help you change with it. We’ve always believed everyone should have access to the opportunities and tools to find out what their money can do, so now we’re making crypto easier for all as we introduce crypto trading on Current.” They added, “We’re building the future of banking, now with the future of money.”
Cryptocurrency trading is just the latest addition to the Current app, which has seen some significant updates in recent months. In January, the FinTech introduced a Savings Pod feature, allowing customers to earn 4% APY on up to $2,000 in savings per pod (and up to three pods per account, for a total of $6,000). Then, in April, the company announced that it was making its premium tier — which previously came at a cost of $5 per month — free to all users. To date, Current has raised more than $400 million from investors and, according to eMarketer data, is the second largest “neobank” in the United States after Chime.
With Current’s customer base skewing younger, the addition to cryptocurrency seems like it’d be a much-requested feature. Additionally, the app’s implementation seems to be on point as it doesn’t require users to transfer money between accounts in order to purchase or sell. That said, more advanced crypto users may be frustrated by the lack of external wallet support. Nevertheless, with cryptocurrency interest continuing to hold on amid a “crypto winter,” the latest feature is sure to be a win for Current and its customers.
