September 16, 2024, London, UK, Chainwire
Three former Revolut executives have launched Neverless, an app that gives commission-free cryptocurrency buying and selling and an automatic passive investing account, aiming to revolutionize how customers earn cash.
The Neverless staff raised $6.7 million within the largest pre-seed funding spherical in European historical past, and the corporate has since registered as a VASP (Digital Asset Service Supplier) in a number of European nations.
“We’ll pursue all platforms that exploit customers with charges.” Rita Riera, Director of Nevers Spain
Neverless permits customers to purchase and promote cryptocurrencies with zero deposit and buying and selling charges. The app is straightforward to make use of and permits customers to deposit funds in Euros, a function just lately eliminated by a number of main platforms. Moreover, by means of the app, some cryptocurrencies robotically accrue curiosity every single day.
“technique”: Automated Funding AccountNeverless presents a market-neutral funding account known as Methods that permits customers to robotically make secure investments. Whereas previous efficiency isn’t any assure of future outcomes, Methods has a formidable observe document, with a median annualized return of 12.81% over the previous 90 days and 11.89% over the previous 12 months. Within the unstable world of cryptocurrency, Methods goals to supply constant returns no matter market fluctuations.
“Whereas different platforms have comparable merchandise, none supply the identical return potential or flexibility in deposits and withdrawals as our Technique account.” Riela says:
Neverless presents all customers the identical potential returns with no minimal deposit or lock-in interval, and no “premium” account is required to entry these returns – a function that units it other than opponents who usually cost increased charges for premium tiers with increased returns.
The expertise behind the techniqueNeverless employs a market-neutral, automated technique. Whereas the expertise has been adopted by massive non-public funding funds, Neverless has opened it as much as most people with no minimal funding. As a substitute of predicting future costs, the algorithm scans the market in actual time and exploits inefficiencies corresponding to slight value fluctuations between exchanges. Neverless' algorithm buys cryptocurrency on cheaper exchanges and sells it on costlier exchanges, cashing in on the distinction. This course of is carried out thousands and thousands of occasions per second, producing a gradual return no matter market path.
Testing NeverlessTo examine if Neverless is actually slicing charges to zero, merely execute the identical commerce on one other trade on the similar time.
In a single check, a consumer purchased $10,000 price of Bitcoin on one other platform whereas doing the identical on Neverless, leading to 1.49% much less Bitcoin on the opposite platform.
From Revolut to NeverlessAfter serving to construct Revolut into a number one fintech firm, the founders of Neverless recognized key points in each the standard monetary system and the cryptocurrency area: lack of transparency and excessive charges had been widespread issues they sought to eradicate.
“Neverless was born out of non-public frustration. There wasn't an app that was clear, user-friendly, and didn't make me really feel like a rip-off with hidden charges. Since none existed, I used to be compelled to make one.” Riera explains.
The vast majority of Neverless’ growth staff additionally comes from Revolut and is accountable for constructing the Methods algorithm, a product completely owned by Neverless.
Progress and Future PlansIn only a few months, Neverless has gained hundreds of customers and exceeded $100 million in transaction quantity. The corporate has already gained a robust foothold in Europe, being registered as a VASP and specializing in key markets corresponding to Spain, France, and Eire.
Now, Neverless is trying to broaden additional, with the remainder of Europe and Latin America subsequent.
The corporate's speedy progress and bold plans spotlight its clear dedication to not solely reshape the cryptocurrency trade, but in addition safe a number one place throughout the worldwide market.
About Neverless
Neverless is the one crypto asset platform on this planet that permits customers to purchase and promote crypto belongings utterly commission-free and supplies entry to automated hedge fund funding instruments aimed toward delivering excessive and secure returns. Based by former Revolut executives, Neverless raised a document $6.7 million in a pre-seed funding spherical and is already registered as a Digital Asset Service Supplier (VASP) in a number of EU nations.
contactDirector of Nevers SpainRita Riera PastelleNeverless[email protected]
This text was first printed on Chainwire
