There's an ocean of coins beyond Dogecoinand a new startup called Never wants to make it easier to get started in crypto trading, with a particular focus on access to small-cap tokens. This is an interesting new crypto startup, founded by three former executives of Revolut, the London-based fintech juggernaut.
Phuc To was the global head of product at Revolut and was in charge of the company's crypto project in 2021. Mikael Peydayesh was responsible for basic payments at Revolut, then became responsible for premium plans, and Arthur Johanet was responsible for card payments for a while before heading Revolut's cryptocurrency department.
Although crypto exchanges have greatly simplified the onboarding experience for new users over the years, the three thought it could still be improved and so teamed up to create a new app that makes cryptocurrencies more accessible.
Neverless allows you to purchase over 400 crypto tokens from within 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 volumes.
Purchasing these small-cap tokens can be difficult, as you usually need to find a crypto exchange that lists them. Alternatively, you can trade 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 purchase tokens with low trading volumes. Prices may vary between trading platforms and there may be a significant gap between buying and selling prices. Neverless claims it can seamlessly route trades to the right trading platform to offer its users the best prices.
Another problem that common people encounter with crypto trading products are the fees involved. While tech experts often review the details before purchasing cryptocurrencies and are willing to set up another account, large exchanges often take advantage of their influence to charge higher fees if you just want to instantly buy and sell cryptocurrencies. cryptocurrencies, without creating a market. order.
Neverless charges no fees to buy and sell crypto via bank transfer, blockchain transfer, Apple Pay and Google Pay. For transactions over $1,000 with Apple Pay or Google Pay, the startup charges a 1% fee. Of course, things could change in the future as Neverless becomes more popular.
So how is the startup making money right now? On certain cryptocurrencies (BTC, ETH, DOGE, SOL, XRP and AVAX), Neverless generates interest which is passed on to users. The company also offers automated trading strategies which revolve around high-frequency arbitrage and market making. Neverless may take a share of the returns generated by these yield generating products.
The company has obtained a MiFID license, which means it is a regulated financial company in Europe. It will have to comply with the Markets in Crypto-Assets (MiCA) regulation when it comes into force in the coming weeks.
Earlier this year, the startup raised $6.7 million in a funding round led by Lakestar and Connect Ventures. Nordstar, Chad West, Dan Westgarth, Eamon Jubbaby, Xiao-Xiao and David Chreng also invested in the round.
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