There is an ocean of meme coins out there Dogecoinand a new start is called When wants to make it easy to get started with crypto trading, with a special focus on providing access to small-cap tokens. This is an interesting new crypto startup, founded by three former executives of the London-based fintech juggernaut Revolut.
Phuc To he was the global head of product for Revolut and was responsible for the company’s 2021 crypto project. Mikael Peydayesh he was the head of core payments at Revolut and later became head of premium programs and Arthur Johannett he was head of card payments for a while before moving on to lead Revolut’s cryptocurrency division.
While crypto exchanges have greatly simplified the onboarding experience for new users over the years, the three believed it could still be improved, so they teamed up to create a new app that makes cryptocurrencies more accessible.
Neverless allows you to buy 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 volume.
Buying 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 buy tokens with low trading volume. Pricing can vary from one trading venue to another and there can be a wide difference between the buy and sell prices. Neverless says it can seamlessly route trades to the right trading platform to get its users the best prices.
Another issue that people regularly have with crypto trading products is the associated fees. While tech-savvy people often look at the fine print before buying crypto and are willing to set up yet another account, big exchanges often use their influence to charge higher fees if you just want to buy and sell crypto instantly without create buy order.
Neverless does not charge fees for buying and selling crypto through bank transfers, blockchain transfers, 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 does the startup make money right now? In some cryptocurrencies (BTC, ETH, DOGE, SOL, XRP, and AVAX), Neverless creates interest that spills over to users. The company also offers automated trading strategies which revolve around high frequency arbitrage and market making. Neverless may receive a share of the returns generated by these performance generating products.
The company has secured a MiFID licence, 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 effect 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.
