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.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

AllWork Raises $4.9 Million From FINTOP Capital 

A FinTech focused on freelancer payroll has closed a significant early-round investment. This week, AllWork announced that it had raised a $4.8 million round. The Series A was led by Nashville-based FINTOP Capital with no other participants. As a result of the transaction, FINTOP's Chris Haley and Rick Holton will join AllWork's board of directors. Previously, AllWork closed a $3.8 million seed round in 2019, bringing their to-date funding total to $8.7...

Top 10 Personal Finance Articles of the Month — November 2022 

It’s time again for one of my favorite features here on Dyer News: a look at the top 10 personal finance articles of the month. Up first, we'll look at money in modern times and how inflation is impacting investments. Then, we'll look at some financial considerations. And finally we'll talk about simple pleasures, donating points and miles, and more. As usual, this month’s list includes a couple of Dyer...

U.S. Economy Added 263,000 Jobs in November 2022

Over the past several months, the United States economy has repeatedly offered mixed signals. Although gross domestic product results would suggest we're headed for a recession, the Federal Reserve has been forced to hike interest rates in a bid to slow inflation. Now, the latest figures also show that the economy continues to create jobs at a decent clip. According to the latest Bureau of Labor Statistics report, the U.S....