There's a sea of meme coins beyond Dogecoin, but a new startup called Neverless wants to make it easier to start trading cryptocurrencies, with a particular focus on providing access to small-cap tokens. This is an interesting new crypto startup founded by three former executives from London-based fintech giant Revolut.
Phuc To is Revolut's Global Head of Product and was responsible for the company's crypto projects in 2021. Mikael Peydayesh was head of core payments at Revolut and later became head of premium plans, while Arthur Johanet was responsible for card payments for a while before becoming head of Revolut's cryptocurrency division. It was a person.
Cryptocurrency exchanges have greatly simplified the onboarding experience for new users over the years, but the three believe they can still improve and have teamed up to create a new app that makes crypto more accessible .
Neverless allows you to purchase over 400 crypto tokens from the app using Apple Pay or Google Pay. In addition to the most common cryptocurrencies, the startup has chosen to provide access to meme coins and relatively rare coins with low trading volumes.
Purchasing these small tokens can be difficult as you usually need to find a cryptocurrency exchange that lists them. Alternatively, you can exchange your tokens on a decentralized exchange, but this can be complicated if you don't understand how decentralized applications (dApps) work.
Additionally, there are some things to keep in mind when looking to purchase tokens with low trading volumes. Prices can vary from trading venue to trading venue, and there can be large discrepancies between buy and sell prices. Neverless says it can seamlessly route trades to the appropriate trading platform to provide users with the best price.
Another problem the general public has with crypto trading products is the fees involved. While tech-savvy people are often willing to check the details and even create a separate account before purchasing cryptocurrencies, large exchanges are unable to sell cryptocurrencies without creating a market. If you just want to buy or sell instantly, they often use their influence to charge higher fees. order.
Neverless does not charge fees for buying or selling cryptocurrencies using bank wires, blockchain transfers, Apple Pay, or Google Pay. For transactions over $1,000 with Apple Pay or Google Pay, the startup charges a 1% fee. Of course, things may change in the future as Neverless grows in popularity.
So how does the startup make money today? For some cryptocurrencies (BTC, ETH, DOGE, SOL, XRP, AVAX), Neverless generates interest that is passed on to users. will be done. The company also offers automated trading strategies focused on high-frequency arbitrage and market making. Neverless may receive a portion of the revenue generated from these revenue-generating products.
The company has a MiFID license. This means that the company is a European regulated financial company. They will need to comply with the Market in Crypto Assets (MiCA) Regulations, which will come into force 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.