Former Revolut executives launch crypto app & raise record investment of $6.7M
London, United Kingdom, September 16th, 2024, Chainwire
Three former Revolut executives have launched Neverless, an app offering commission-free crypto trading alongside an automated passive investment account, which aims to revolutionise returns for its users.
Neverless’ team raised $6.7 million in one of the largest pre-seed funding rounds in European history. Since then, the company has registered in multiple European countries as a VASP (Virtual Asset Service Provider).
“We’re going after all the platforms that exploit their users with fees.” Rita Riera, Director of Neverless Spain
Neverless allows users to buy and sell cryptocurrencies with zero deposit fees and zero trading fees. The app is easy to use and lets users deposit funds in Euros, a feature recently discontinued by several major platforms. Additionally through the app, some cryptocurrencies generate daily interest automatically.
‘Strategies’: An Automated Investment Account
Neverless offers a market-neutral investment account called Strategies, which allows users to invest automatically and with stability. Although past performance doesn’t guarantee future results, Strategies has a strong track record, with an average 12.81% annualised return in the past 90 days and a 11.89% average return over the last 12 months. In the volatile world of cryptocurrencies, Strategies aims to provide consistent returns without relying on market fluctuations.
“Other platforms have similar products, but none offer the potential return or flexibility in terms of deposits and withdrawal as our ‘Strategies’ account.” says Riera.
Neverless offers the same potential returns to all users, with no minimum deposit or lock-in periods. There is no need for a ‘premium’ account to access these returns, a feature that sets it apart from competitors who often charge higher fees for premium tiers with better returns.
The Technology Behind ‘Strategies’
Neverless uses market-neutral automated strategies. While this technology has been employed by large private investment funds, Neverless has made it accessible to the public, with no minimum investment. Instead of predicting future prices, an algorithm scans the market in real time to exploit inefficiencies, such as minor price variations between exchanges. The Neverless algorithm buys cryptocurrencies on the cheaper exchange and sells them on the more expensive one, profiting from the difference. This process is executed millions of times per second, generating stable returns without exposure to market direction.
Putting Neverless to the Test
To verify whether Neverless truly charges zero fees, simply conduct the same transaction on another exchange at the same time.
In one test, a user purchased $10,000 worth of Bitcoin on another platform while doing the same on Neverless. The result: the other platform ended up giving 1.49% less Bitcoin.
From Revolut to Neverless
After helping build Revolut into a major fintech player, the founders of Neverless identified key issues in both the traditional financial system and the crypto space. Lack of transparency and high fees are common problems they sought to eliminate.
“Neverless was born out of personal frustration. There wasn’t an app that was transparent, user-friendly, and didn’t feel like a scam with hidden fees. Since it didn’t exist, it just had to be made.” explains Riera.
A significant portion of Neverless’ development team also hail from Revolut and is responsible for building the Strategies algorithm, a product exclusively owned by Neverless.
Growth and Future Plans
In just a few months, Neverless has gained thousands of users and surpassed $100 Million in transaction volume. With its registration as a VASP and its focus in key markets like Spain, France, and Ireland, the company has already established a strong foothold in Europe.
Now, Neverless is setting its sights on further expansion, aiming to tackle the rest of Europe and Latin America next.
Its rapid growth and ambitious plans highlight a clear determination to not only reshape the crypto landscape but also secure a leading position across global markets.
About Neverless
Neverless is the world’s only crypto platform that allows to buy & sell crypto completely fee-free and gives access to automated hedge fund investment tools that aim to provide high, stable returns. Founded by former Revolut executives, it raised a record $6.7m pre-seed round and already holds Virtual Asset Service Provider (VASP) registrations in multiple EU countries.
